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Home My WebLink About04-10-08 IN THE MATTER OF THE ESTATE OF JANE A.M. LAFFEY, DECEASED IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION No. 2007-00169 RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT FOR ADVANCE DISTRIBUTION OF THE ESTATE OF JANE A.M. LAFFEY. DECEASED THIS AGREEMENT (the "Agreement"), dated this 20th day of February, 2008, is entered into by and among the hereinafter named persons (collectively, the "Parties"), namely Stephen H. Laffey and Karen J. Laffey Hall, as residuary legatees of the Estate of Jane A.M. Laffey, deceased, and also as the transferees upon death of certain assets owned by the Decedent. All of the above-named natural and living persons are hereinafter referred to collectively ~the ~7; -~'J "Beneficiaries" . . :,:;~! WITNESSETH: _' iT""i ":n r.... ,:,-J, '--' L.5 \~ :0 THE CIRCUMSTANCES leading up to the execution of this Agreement ar~'~follo~ .I> 1. (.....) '-0 Jane A.M. Laffey (the "Decedent"), late of South Middleton Township, Cumberland County, Pennsylvania, died testate on December 9,2006. 2. On February 21,2007, the Register of Wills of Cumberland County, Pennsylvania, issued Letters Testamentary for the Decedent's probate estate (the "Estate") to Karen J. Hall, a/k/a Karen J. Laffey Hall, as executrix (the "Executrix"). 3. By Item IV of the Decedent's Last Will and Testament dated August 21, 1992 (the "Will"), the Decedent bequeathed and devised the residue ofthe Estate equally to such of N <:..-:;, r ,:~.? (~'-) j A. The Beneficiaries represent and warrant that they have read and understand this Agreement and confirm that the facts set forth above are true and correct, to the best of their knowledge, information and belief. B. The Beneficiaries are satisfied that they have sufficient information to make an informed waiver of their rights to a formal accounting concerning the Interim Distributions, and they do hereby waive the filing and auditing of same before the Court. C. With respect to and to the extent of the Interim Distributions, the Beneficiaries absolutely and irrevocably remise, release, quit-claim and forever discharge each other and the Executrix, including her successors, of and from any and all actions, payments, accounts, reckonings, liabilities, claims and demands relating in any way to the TOD assets, the Will and the Estate. D. The Beneficiaries acknowledge receipt oftheir respective Interim Distributions, as set forth on Exhibits "A" and "B", which are attached hereto and incorporated herein by this reference. E. To the extent of their respective Interim Distributions, the Beneficiaries, severally and not jointly, agree to indemnify and hold harmless each other and the Executrix, together with their respective attorneys, agents, employees, predecessors, successors and assigns, from and against any and all claims or demands concerning the TOD assets, the Will and the Estate. F. The Beneficiaries acknowledge that this Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. G. The Beneficiaries consent to the Court exercising personal jurisdiction over them in any suit or action arising out of the enforcement of this Agreement. IN WITNESS WHEREOF, the Beneficiaries have executed the attached Consents to this Agreement, with the same to be effective for all purposes from the date first above written. - 3 - IN THE MATTER OF THE ESTATE OF JANE A.M. LAFFEY, DECEASED IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION No. 2007-00169 CONSENT TO RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT FOR ADVANCE DISTRIBUTION OF THE ESTATE OF JANE A.M. LAFFEY. DECEASED THE UNDERSIGNED, Karen J. Laffey Hall, in the capacities indicated below, hereby consents to and joins in the Receipt, Release, Refunding and Indemnity Agreement For Advance Distribution ofthe Estate of Jane A.M. Laffey, Deceased (the "Release"), a copy of which, including Exhibits "A" and "B" thereto, has been provided to her. +<"-A"" ~- ~~ KAREN J. L FEY LL, ndlvldually and as Executrix of the Estate of Jane A.M. Laffey, Deceased STATE OF NEW JERSEY COUNTY OF HlAiAfeydc:-v\ On this, the ?>K day of tV\o. yet-. ,2008, before me, the undersigned officer, personally appeared Karen J. Laffey Hall, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that she executed the same as her free and voluntary act, in the capacities indicated, for the purposes expressed therein. IN WITNESS WHEREOF, I have hereunto set my hand and official seal. <-~~ Notary Public'- [_.~.._~.. l\~('~Tl\n:\/ r::jjBLiC ~.;-rt\ <.~" ~)r r'l,lF,\J\./ JE.RSE'f '" ,"\:\,~,<,'~:':"-''''", -.":.'-"",--""" ~...-""'- lVl(C~':;:,:';,_>'J' "",-",t') Su< 21 2009 - 4 - Estate of Jane A.M. Laffey, deceased Schedule of Distribution to Stephen H. Laffey Shares Security Cusip Date Trfd Transfer Value 300 Aflac Inc. 1055102 1/16/2007 $ 14,563.50 400 Carlisle Coso 142339100 1/16/2007 $ 32,004.00 453 Consolidated Edison 209115104 1/16/2007 $ 21,594.51 747 Exxon Mobil 30231G102 1/16/2007 $ 53,746.65 4181 GE 369604103 1/16/2007 $ 159,254.29 603 IBM 459200101 1/16/2007 $ 60,342.21 200 Johnson&Johnson 478160104 1/16/2007 $ 13,305.00 120 M&T Bank 55261F104 1/16/2007 $ 14,347.20 800 Microsoft Corp 594918104 1/16/2007 $ 24,992.00 600 Motorola 620076109 1/16/2007 $ 10,857.00 1600 Schering Plough 806605101 1/16/2007 $ 39,104.00 529 3M Corp 88579Y101 1/16/2007 $ 41,933.83 $ 486,044.19 336.255 Calamos Grwth Fd 128119302 1/16/2007 $ 18,652.06 2344.549 Causeway Inti Val Fd 14949P208 1/16/2007 $ 46,257.95 552.104 Harbor Sm Cap Val 411511843 1/16/2007 $ 11,759.82 335.703 Hartford Fortis SmCp 416529105 1/16/2007 $ 10,792.85 868.474 Janus Invt Fd 471023580 1/16/2007 $ 20,991.02 1129.253 Julius Baer Inti Eq 481370500 1/16/2007 $ 48,693.39 1238.543 Pimco Mgmt Ser RStr 722005667 1/16/2007 $ 16,286.84 711.721 CRM MidCap 92934R769 1/16/2007 $ 21,493.97 527.473 Wells Fargo Adv Entr 949915367 1/16/2007 $ 16,710.34 $ 211 ,638.24 Cash $ 9,046.61 Total Distribution $ 706,729.04 EXHIBIT A Estate of Jane A.M. Laffey, deceased Schedule of Distribution to Karen Laffey Hall Shares Security Cusip Date Trfd Transfer Value 300 Aflac Inc. 1055102 1/16/2007 $ 14,563.50 400 Carlisle Coso 142339100 1/16/2007 $ 32,004.00 453 Consolidated Edison 209115104 1/16/2007 $ 21,594.51 746 Exxon Mobil 30231G102 1/16/2007 $ 53,674.70 4180 GE 369604103 1/16/2007 $ 159,216.20 602 IBM 459200101 1/16/2007 $ 60,242.14 200 Johnson&Johnson 478160104 1/16/2007 $ 13,305.00 121 M& T Bank 55261F104 1/16/2007 $ 14,466.76 800 Microsoft Corp 594918104 1/16/2007 $ 24,992.00 600 Motorola 620076109 1/16/2007 $ 10,857.00 1600 Schering Plough 806605101 1/16/2007 $ 39,104.00 530 3M Corp 88579Y101 1/16/2007 $ 42,013.10 $ 486,032.91 336.254 Calamos Grwth Fd 128119302 1/16/2007 $ 18,652.01 2344.548 Causeway Inti Val Fd 14949P208 1/16/2007 $ 46,257.93 552.104 Harbor Sm Cap Val 411511843 1/16/2007 $ 11,759.82 335.703 Hartford Fortis SmCp 416529105 1/16/2007 $ 10,792.85 868.474 Janus Invt Fd 471023580 1/16/2007 $ 20,991.02 1129.253 Julius Baer Inti Eq 481370500 1/16/2007 $ 48,693.39 1238.543 Pimco Mgmt Ser RStr 722005667 1/16/2007 $ 16,286.84 711.721 CRM MidCap 92934R769 1/16/2007 $ 21,493.97 527.472 Wells Fargo Adv Entr 949915367 1/16/2007 $ 16,710.34 $ 211,638.17 Cash $ 9,046.59 Total Distribution $ 706,717.67 EXHIBIT B her children who survived her for thirty (30) days. The Beneficiaries are the Decedent's surviving and only children. 4. Many of the Decedent's marketable securities were held in accounts for which the Decedent named the Beneficiaries, individually and directly, as the equal transferees upon the Decedent's death ("TaD"). Therefore, upon the Decedent's death the Beneficiaries became the individual and outright owners of such securities, by operation of law, through this TaD designation. 5. The Executrix has also made certain other post-mortem distributions to the Beneficiaries, in equal shares. For simplicity, all post-mortem transfers, including TaD transfers, are shown on the attached schedules, which are marked as Exhibits "A" and "B", respectively, and which are attached hereto and incorporated herein by this reference. Exhibit "A" shows the post-mortem distributions (the "Interim Distributions") made to Stephen H. Laffey. Similarly, Exhibit "B" shows the Interim Distributions made to Karen J. Laffey Hall. 6. The Beneficiaries desire to release and indemnify the Executrix, through this informal procedure, as set forth herein, in order to avoid the expense and delay that would otherwise be involved with a formal fiduciary accounting and adjudication by the Orphans' Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania (the "Court"). NOW THEREFORE, in consideration ofthe foregoing, and intending to be legally bound hereby, the Beneficiaries, for themselves, their heirs, personal representatives, successors, and assigns, hereby agree as follows, to wit: - 2 - IN THE MATTER OF THE ESTATE OF JANE A.M. LAFFEY, DECEASED IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION No. 2007-00169 CONSENT TO RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT FOR ADVANCE DISTRIBUTION OF THE ESTATE OF JANE A.M. LAFFEY. DECEASED THE UNDERSIGNED, Stephen H. Laffey, hereby consents to and joins in the Receipt, Release, Refunding and Indemnity Agreement For Advance Distribution of the Estate of Jane A.M. Laffey, Deceased (the "Release"), a copy of which, including Exhibits "A" and "B" thereto, has been provided to her. ~4-~ st'EP N H. LAF Y ? STATE OF MARYLAND UJ" \ COUNTY OF I t.OtnJ to On this, the 1llA day of m4f.r ;1 , 2008, before me, the undersigned officer, personally appeared Stephen . Laffey, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same as his free and voluntary act for the purposes expressed therein. IN WITNESS WHEREOF, I have hereunto set my hand and official se ~{ !(ATHERINE ElAINE D~YDEN Notary PUblic WicomiCo County MorylQnd My Commission E~'re~Apr '. 2009 - 5 -