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HomeMy WebLinkAbout63-0966SECOND AND FINAL ACCOUNT AND PROPOSED SCHEDULE OF DISTRIBUTION STEWART P. RUTH TRUST UNDER WILL DATED JUNE 14, 1961 DECEASED AUGUST 8, 1963 Stated by PNC Bank NA, Trustee (Formerly CCNB Bank N.A.) STATED FROM APRIL 16, 1997, 1963 TO APRIL 30, 1998 Purpose of Account: The Trustee offers this Account to acquaint interested parties with the transactions that have occurred during their administration of the Estate. It is important that the Account be carefully examined. Requests for additional information or questions or objections can be discussed with: Charmaine D. Bell Assistant Vice President and Senior Trust Officer PNC Bank, N.A. Post Office Box 308 Camp Hill, PA 17001-0308 Telephone (717> 730-2266 Charles H. Stone, Esquire Stone, LaFaver & Shekletski 414 Bridge St. New Cumberland PA 17070 (717)774-7435 SUMMARY AND INDEX Fiduciary Acquisition Pa a Value PRINCIPAL Receipts 3 $ 68,726.42 Balance Before Distributions $ 68,726.42 Principal Balance on Hand 3 $ 68,726.42 INCOME Receipts 4 ~ 18,330.98 Less Disbursements 5 7,652.13 Balance Before Distributions ~ 10,678.85 Distribution to Beneficiaries 5 10.360.20 Income Balance on Hand 5 $ 318.65 Combined Balance on Hand $ 69,045.07 PRINCIPAL RECEIPTS 4/15/97 Balance as per Accounting confirmed June 17, 1997 $ 68,726.42 4/30/98 TOTAL PRINCIPAL RECEIPTS ~ 68,726.42 BALANCE OF PRINCIPAL ON HAND Fiduciary Current Acquisition Value Value 863.000 Units PNC Intermediate Gov't Fund $ 3,920.61 $ 3,997.42 Apartment Building located at 521-523 Reno St., New Cumberland, PA 192,000.00 64,200.00 S. Fenstermacher Apt. Lease 521A Reno St. 1.00 1.00 S. Rowe Apartment Lease 5216 Reno St. 1.00 1.00 C. Black Apartment Lease 521C Reno St. 1.00 1.00 R. Smith Apartment Lease 521D Reno St. 1.00 1.00 P. Mannix Apartment Lease 523A Reno St. 1.00 1.00 D. Palmer Apartment Lease 5238 Reno St. 1.00 1.00 M. Marriott Apartment Lease 523C Reno St. 1.00 1.00 M. Stefancin Apartment Lease 523D Reno St. 1.00 1.00 Cash 521.00 521.00 Total $196,449.61 ~ 68.726.42 3 INCOME RECEIPTS 4/15/97 Balance as per Accounting confirmed June 17, 1997 $ 538.71 Balance of reserve not used from Accounting dated April 15, 1997 342.00 Interest Interest from 3/3/98 to 4/1/98 on Blackrock Money Market Service Class $ 24,30 Interest from 5/1/97 to 2/2/98 on Compass Capital Money Market Service Class 75.08 Interest from 4/22/97 to 4/21/98 on 863 Units PNC Intermediate Government Fund 268.87 Sub-Total Interest $ 368.25 Rents 4/18/97 C. Black - 521C $ 365.00 4/18/97 S. Fenstermacher - 521A 365.00 4/29/97 M. Stefancin - 523D 365.00 5/1/97 R. Smith - 521D 365,00 5/5/97 P. Mannix - 523A 365.00 5/5/97 D. Palmer - 523D 365.00 5/6/97 S. Rowe - 5216 365.00 5/8/97 C. Black - 521C 365.00 5/12/97 M. Marriott - 523C 365.00 Jack Gaughen Property Management - Remittance of net rent 6/12/97 1,854.50 7/14/97 1,419.64 9/15/97 1,160.72 10/15/97 2,500.01 11/14/97 261.84 12/15/97 1,639.32 1/14/98 1,775.83 1/27/98 613.23 2/18/98 583.52 3/11/98 1,020.54 3/24/98 313.94 4/13/98 653.93 Sub-Total All Rents $ 17,082.02 TOTAL INCOME RECEIPTS $ 18,330.98 4 INCOME DISBURSEMENTS 4/21/97 4/22/97 4/22/97 4/24/97 5/5/97 5/6/97 5/13/97 5/14/97 5/14/97 5/27/97 5/27/97 5/28/97 5/28/97 10/15/97 4/15/98 4/15/98 Lewis B. Buchanan Inc. - Final payment for upgrade to heating wiring & thermostats at all apartments P P & L - Electric service PA American Water Co. - Water service Robin Gasperetti, tax collector - Real Estate tax Waste Management of Central PA - Trash service Terminix International - Pest control Weist hardware - Invoice #156684 dated 4/25/97 P P & L - Electric service Borough of New Cumberland - Sewer service Lewis B. Buchanan Inc. - Annual oil burner service contract Lewis B. Buchanan Inc. - Fuel oil Terminix International - Pest control Stone LaFaver & Stone - Fee for filing account $158.00 (Reserved $500.00 in previous account, balance of reserve Stone LaFaver & Stone - Legal services rendered PA Department of Revenue - State fiduciary tax 12/31/97 Internal Revenue Service - Federal fiduciary tax 12/31/97 PNC Bank NA - Compensation on income from 4/22/97 through 5/20/97 PNC Bank NA - Compensation on principal from 7/2/97 through 4/14/98 TOTAL INCOME DISBURSEMENTS DISTRIBUTION OF INCOME TO BENEFICIARIES T0: Florence K. Ruth Distributions from 6/13/97 to 3/13/98 TOTAL DISTRIBUTIONS TO BENEFICIARIES BALANCE OF INCOME ON HAND 4/30/98 Cash Total $ 1,159,00 37.16 96.44 745.60 106.20 46.64 15.98 31,10 133.50 125.00 375.19 46.12 $342.00) 1,463,00 57.00 1,099.00 Current Value $ 318.65 $ 318.65 165.73 1,949.47 $ 7,652.13 $ 10,360.20 ~ 10,360.20 Fiduciary Acquisition Value $ 318.65 ~ 318.65 5 PROPOSED SCHEDULE OF DISTRIBUTION Proposed Distribution to Successor Trustees, Lois J. Ruth and Joan Ruth Current Acquisition Value Value $196,759.63 $ 69,045.07 Less Reserve for filing fees (350.00) (350.00) Less Balance of minimum fee due PNC Bank for year ending May 31, 1998 (342.19) (342.19) Balance remaining for distribution $196,067.44 $ 68.352.88 Charmaine D. Bell, Assistant Vice President and Senior Trust Officer of PNC Bank, N.A., hereby declares under oath that said Trustee has fully and faithfully discharged the duties of their office; that the foregoing First and Final Account is true and correct, and fully discloses all significant transactions occurring during the accounting period; that all known claims against the estate have been paid in full; that to their knowledge, there are no claims against the estate; and that all taxes presently due from the estate have been paid. PNC BANK, N.A. ~ ~~ By As 'stant Vice President and Senior Trust Officer Subscribed and sworn to by before me this ~ ~ day of I~/~'Qy/ 1998. ep\misc\ruthpnc.pet\6-98 IN RE: TRUST OF STEWART P. RUTH, IN THE COURT OF COMMON PLEAS OF UNDER AGREEMENT DATED JUNE 14, CUMBERLAND COUNTY, PENNSYLVANIA 1961 : ORPHANS' COURT DIVISION NO. PETITION FOR DISCHARGE OF TRUSTEE AND APPOINTMENT OF SUCCESSOR CO-TRUSTEES UNDER SECTION 5184 OF THE PROBATE, ESTATES AND FIDUCIARIES CODE TO THE HONORABLE JUDGES OF SAID COURT: AND NOW, comes the petitioner, PNC Bank N.A., by and through its attorneys, Stone LaFaver & Shekletski, and files the following petition of behalf of PNC BANK, N.A., as Trustee for STEWART P. RUTH, deceased, under an agreement dated June 14, 1961, and respectfully represents that: 1. Your petitioner, PNC BANK, N.A., is a national banking association with a place of business at P.O. Box 308, Camp Hill, Cumberland County, Pennsylvania, 17011. 2. Petitioner's predecessor, CCNB Bank, N.A., became Trustee by virtue of an agreement between Stewart P. Ruth and CCNB Bank N.A., dated June 14, 1961. 3. A First and Partial Account of PNC Bank, N.A., as trustee, was filed with this Court on May 16, 1997, and confirmed on June 17, 1997. -1- 1_ 4. A Second and Final Account and Statement of Proposed Distri- bution of PNC Bank, N.A., as trustee, was filed with this Court on May 12, 1998,and confirmed on June 16, 1998. 5. The parties having an interest in this matter are as follows: Florence K. Ruth, the income beneficiary Joan Ruth and Lois-Jean Ruth, the remainderpersons 6. All of the parties in interest have executed a Release, Receipt, and Consent requesting the discharge of PNC Bank, N.A., as Trustee, and the appointment of Joan Ruth and Lois-Jean Ruth, as Successor Co-Trustees. A copy of the executed Release, Receipt, and Consent is attached. 7. Your Petitioner suggests to the Court that its discharge as Trustee and the appointment of Joan Ruth and Lois-Jean Ruth as Successor Co-Trustees will be in the best interest of all concerned. WHEREFORE, your petitioner prays that the Court enter an order discharging PNC Bank, N.A., from its duties as Trustee and that Joan Ruth and Lois-Jean Ruth, the remainderpersons, be appointed as Successor Co-Trustees under the agreement between Stewart P. Ruth and CCNB Bank, N.A., dated June 14, 1961. STONE LaFAVER & SHEKLETSKI J '' F... %~ By CHARLES H. STONE; Esquire I. D. #06357 414 Bridge Street, P. O. Box E New Cumberland, PA 17070 (717) 774-7435 Attorneys for Petitioner _2_ F:\doce\eet\rvl\ruthtrua.rel IN RE: ESTATE OF STEWART P. RUTH,: IN THE COURT OF COMMON PLEAS x'RUST UNDER WILL OF CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION NO. RELEASE, RECEIPT, AND CONSENT The backround of this Release, Receipt and Consent is as follows: 1. Stewart P. Ruth and Cumberland County National Bank and Trust Company, now PNC Bank, N.A., entered into a trust agreement on June 14, 1961, and Cumberland County National Bank and Trust Company, and PNC Bank, N.A., its successor, have been serving as trustee since that time. 2. PNC Bank, N.A., and the beneficaries of the trust, Florence K. Ruth, the income beneficiary, and Joan Ruth and Lois- Jean Ruth, the remainderpersons, have agreed that it would be in the best interests of all concerned if PNC Bank, N.A. were to resign as trustee and be replaced by the said remainderpersons as successor co-trustees. 3. PNC Bank, N.A. has filed a Second and Final Account of its actions as trustee, a First and Partial Account having previously been confirmed by the Court. 4. All of the parties hereto have examined this Second and Final Account, and the previous First and Partial Account, and they have agreed that all of the nations of PNC Bank, N.A., and of its predecessor, Cumberland County National Bank and Trust Campany, have been legally correct, proper and sufficient. 5. All of the parties hereto have agreed to execute this Release, Release and Consent, and have agreed to consent to the discharge of PNC Bank, N.A. as trustee and to the appointment of Joan Ruth and Lois-.lean Ruth as successor trustees. Now, therefore, we the undersigned, being the income benefi- ciary and remainderpersons of this trust, having been fully advised in the matter by our separate counsel, do hereby covenant and agree, intending to be legally bound, that we do hereby remise, release, quitclaim and forever discharge PNC Bank, N.A., its successors and assigns, and ail of its agents, officers, and employees, -from ail of its and their acts as•Trustee of the Stewart P. Ruth Trust, and of their acts as agents, officers, and - 1 - employees of the Trustee, and of and from all actions, suits, payments, accounts, reckonings, claims and demands whatoever, for or by reason thereof, ar any other act, natter, cause or thing whatsoever, and we further consent to the resignation and dis- charge of PNC Bank, N.A. as Trustee, and we agree to the appoint- ment of Joan Ruth and Lois-Jean Ruth, as Successor Co-Trustees; and we do further agree that this document may be attached as an exhibit to a Petition for the discharge of PNC Bank, N.A. as Trustee and the appointment of Joan Ruth and Lois-Jean Ruth as successor Co-Trustees to be presented to the Orphan's Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania. This document may be executed in multip~.e counterparts by the various parties. In witness whereof, the parties have hereunto set their hands and seals this ~(~~-h day of Mqy , 1.998. ~ ~ L,, ~ J Wa.tness FLORENCE K. RUTH / /. ~ fitness JOAN TH -~ Witness OIS-J RUTH - 2 - COMMONWEALTH OF PENNSYLVANIA ss. COUNTY OF CUmbe r ~on~ ; On this, the a?(~fh day of /`'IQ y 1998, before me, the undersigned officer, personally appeared FLORENCE K. RUT~1, known to me (ar satisfactorily proven) to be the person whose name is subscribed to the within instrument and acknowledged that she executed the same far the purposes therein contained. seal. IN WITNESS WHEREOF, I hereunto set my hand and official otary Pu Notarial Seal Susan M. Grubb, Notary PubNc Lower Allen Twp., Cumberland County My Commission Expires June 21, 1999 - 3 COMMONWEALTH OF PENNSYLVANIA : ss. covNTY of C'u„7bprlanc( On this, the o~~Cth day of l~'j4y , 1998, before me, the undersigned officer, personally appeared JOAN RUTH, known to me (or satisfactorily proven) to be the person whose name is sub- scribed to the within instrument and acknowledged that she executed the same for the purposes therein contained. IN WITNESS WHEREOF, I hereunto set my hand and official seal. ( ~ JF1i'LtLI!U'" Notary Public Susan MNGrubb otary Public Lower Allen Twp., Cumberland Courriy My Commission Expires June 21, 1999 4 .. COMMONWEAL'~H OF PENNSYLVANIA A~~s : SS. COUNTY OF / : 7~- On this, the ~~ day of , 1998, before me, the undersigned officer, personal yG~~ared LOI5-JEAN RUTH, 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 for the purposes therein contained. seal. IN WITNESS WHEREOF, T hereunto set my hand and official ~- Notary Public Mot~na! Sea! Stacie L. Seale. {~atary Pubflc Gettysburg Boro, Adams County My Comm~ss<on Expires March 17, 2001 Nfember, Pennsylvania Assoclat-on of hotarf~s - 5 .. IN RE: TRU5T OF STEWART P. RUTH, IN THE COURT OF COMMON PLEAS OF UNDER AGREEMENT DATED JUNE 14, CUMBERLAND COUNTY, PENNSYLVANIA 1961 ORPHANS' COURT DIVISION NO .~1'(n ORDER AND NOW, this day of June, 1998, it is hereby ORDERED AND DECREED that PNC Bank, N.A., is forever discharged from its duties as Trustee under the agreement with Stewart P. Ruth dated June 14, 1961. IT IS FURTHER ORDERED AND DECREED that Joan Ruth and Lois-Jean Ruth be appointed as Successor Co-Trustees. BY THE COURT,