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HomeMy WebLinkAbout12-07-07 (10) C) RECEIPT OF DISTRIBUTION. RELEASE AND INDEMNITY AGREEMENT This receipt, release, and indemnity agreement (hereinafter called the "RELEASE") is given this a day of ~p-kmw 2006, by: l"-.> () g Co ......s s:: :0 0 '0-0 r"'t REBECCA L. KOCHER;, I () n :~:J ?:::; ::;::1 1 '> -<"-c. ::=J -J ,;;; UJ ^ (hereinafter called the "BENEFICIARY") to and in favor of FREDERICK W;ii<<iG:HE~.-and <- - BEN L. KOCHER, (CO-EXECUTORS) of the MARGARET M. KOCHER ESTATE (J~~nafter ~led : .' "CO-EXECUTORS"). }2 ~ ~ .- For the purpose of inducing the Co-Executors to make the distribution described herein, and intending to be legally bound, the Beneficiary hereby represents, warrants, convenants and agrees as follows: I Acknowledgment of Receipt - The Beneficiary acknowledges that she will receive of and from the Fiduciary the following securities upon returning this Receipt & Release document properly signed, witnessed and notarized to the department. Cash - In the form of check #1016 in the amount of $9,247.27, Dolls/Cradle valued at $90.00, and Specific Jewelry valued at $1,360.00 2 Release - AND THEREFORE, the Beneficiary hereby does by these presents remise, release, quit-claim, and forever discharge the said Co-Executors, their heirs, successors and assigns of and from the said payments to me and of and from all actions, suits, payments, accounts, reckonings, claims and demands whatsoever, for or by reason thereof, or of any other act, matter, cause or thing whatsoever. 3 Indemnity Agreement - The Co-Executors have indicated a willingness to make a distribution without the adjudication by the Court. Accordingly, the Beneficiary agrees to indemnify the Co- Executors and hold them harmless, to the extent of any funds or assets received by the Beneficiary from the Co-Executors hereunder, from and against the Beneficiary's pro rata share of any and all liability (including attorney's fees and other costs or expenses of defense) to which the Co-Executors may be subjected by reason of its administration of the account. In connection with this Agreement, the Beneficiary agrees to: a) Refund or return, promptly upon the Co-Executors written demand, any funds or assets distributed by the Co-Executors to the Beneficiary, if the distribution thereof is determined at any time to have been an erroneous or negligent distribution to the Beneficiary, whether such error or negligence was or was claimed to have been premised upon a mistake oflaw or of fact. b) Modify and displace any otherwise applicable period limiting the time within which the Co- Executors action to collect an erroneous or negligent distribution must be commenced, so as to provide that the Co-Executors need not commence an action to collect an erroneous or negligent distribution to the Beneficiary until two (2) years after such time as the Co-Executors shall have obtained actual knowledge of such error or negligence. CiN 4 Miscellaneous - The construction, effect, validity and performance of this Release shall be governed in all respects by the laws of the Commonwealth of Pennsylvania. The provisions of this Release shall be deemed severable in the event that one or more thereof shall be deemed invalid or unenforceable, with the effect that the remaining provisions shall persist as if such invalid or unenforceable provision had never been a part hereof. This Release shall bind the Beneficiary his heirs, representatives, successors, and assigns together with any children with respect to whom the Beneficiary is a natural guardian. IN WITNESS WHEREOF, the Beneficiary has executed and sealed this Release on the date first above inscribed and the presence of at least two (2) witnesses. BY: ft~~ Rebecca ~ K cher WITNESSES: ~LlU~ (WITNESS ONE) (WITNESS TWO)