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HomeMy WebLinkAbout08-12-98IN THE MATTER OF : IN THE COURT OF COMMON PLEAS THE ELOISE B. BERKSTRESSER CUMBERLAND COUNTY, PENNSYLVANIA TRUST : ORPHANS' COURT DIVISION NO. ] OF MARCH, 1945 PETITION FOR APPROVAL OF RESIGNATION OF TRUSTEE AND APPOINTMENT OF SUCCESSOR TRUSTEE TO THE HONORABLE JUDGES OF SAID COURT: Dickinson College, a Pennsylvania nonprofit corporation (the "College"), by and through its attorneys, McNees, Wallace & Nurick, respectfully represents that: 1. By Last Will and Testament, dated the _ day of October, 1931, duly probated in Hamilton County, Tennessee (the "Will"), Eloise B. Berkstresser ("Decedent") established a certain charitable trust (the "Trust") for the benefit of the College. A true and correct copy of the Will is attached hereto as Exhibit "A." 2. Decedent died January 18, 1933, domiciled in the City of Chattanooga, Tennessee. 3. By Decree dated January 15, 1945, this Honorable Court appointed Farmers Trust Company ("FTC") as successor trustee of the Trust. A true and correct copy of said Decree is attached hereto as Exhibit "B." 4. By Finai Decree dated March 31, 1945, the Chancery Court of Hamilton County, Tennessee discharged Harry W. Durand, Jr., the prior trustee of the Trust, and directed the Clerk of Court to remit the balance of the trust fund to FTC, as successor trustee of the Trust. A true and correct copy of said Final Decree is attached hereto as Exhibit "C." 5. This Court has jurisdiction over this matter pursuant to Section 711(2) of the Probate, Estates and Fiduciaries Code (the "PEF Code"), 20 Pa. C.S.A. §711(2), and venue is in this Court pursuant to Section 722 of the PEF Code, 20 Pa. C.S.A. §722. The situs of the Trust is Cumberland County. 20 Pa. C.S.A. §723. 6. The balance of the trust fund of the Trust, as of July 10, 1998, is $16,083.47. 7. The College is the sole beneficiary of the Trust. 8. Financial Trust Services Co. ("Financial Trust") is the corporate successor to FTC. 9. The Will provides that the Trustee of the Trust "shall not be required to give bond". 10. Financial Trust, subject to approval of this Court, desires to resign as Trustee of the Trust, due the small size of the trust fund of the Trust and the attendant economic impracticability of Financial Trust's administration of the Trust. 11. The Will contains no provision regarding the appointment of a successor trustee in the event of Financial Trust's resignation. 12. Although the PEF Code does not speak directly on a trustee's right to resign, it is implicit that a trustee has the right to do so, subject to court approval and so long as the resignation will not be detrimental to the administration of the trust. In re White, 506 Pa. 218, 484 A.2d 763 (1984). 13. The administration of the Trust will not be adversely affected by Financial Trust's resignation as Trustee, inasmuch as the vacancy caused by the resignation will be filled by the Board 2 of Trustees of the College (the "Board"). The Board's consent to serve as successor trustee of the Trust is attached hereto as Exhibit "D." 14. Financial Trust has executed an Instrument of Resignation, attached hereto as Exhibit "E", and joined in the prayer of this Petition, which Joinder is attached hereto as Exhibit "F." 15. The College has agreed to waive any and all requirements for a formal fiduciary accounting. WHEREFORE, your Petitioner prays: First, that this Honorable Court by its order decree that Financial Trust may resign as Trustee of the Trust without the requirement of a formal fiduciary accounting, and, subject to the transfer of the balance of the trust fund to the Board, as successor Trustee, discharge Financial Trust accordingly. Second, that this Honorable Court by its order appoint the Board as successor Trustee of the Trust, without the requirement of executing and filing a bond. Third, such general relief in the premises as to this Honorable Court may appear necessary and appropriate. 3 And they will ever pray, etc. ATTEST: DATED: ' i,(~'~'~,-. ~~'% , 1998 .r David M. Watts, Jr., Esquire Bruce R. Spicer, Esquire McNEES, WALLACE & NURICK 100 Pine Street Harrisburg, PA 17108-1166 Attorneys for Petitioner PETITIONER: DICKINSON COLLEGE, a Pennsylvania nonprofit corporation By , its V ` ~'~f.~ 4 COMMONWEALTH OF PENNSYLVANIA COUNTY OF ~„~,C~ SS.: The above named Petitioner being duly sworn, does depose and say that the facts set forth in the foregoing petition which are within the personal knowledge of the Petitioner are true, and as to facts based on the information of others, the Petitioner, after diligent inquiry, believes them to be true. Sworn to and subscribed before me this.27,r.C.day of, 1998 NotaNal Seal Ann loofas Shatzet, Notary Public Cartlsle t3oro, Cumberland Crwrky M~ C.omrrdsston Fires Apr. 20.2402 Member, Pennayhrani8 Association of N4t8r1ee (1 (-G~iYJ-4~ L C r rite ~G1~J-i in i i v ~~ ~ I, C1ulsC D. Le1'::JC1'CSCr, ..f .ltiu111~v11 uuu.ut,y, Tdtlt~., Flu !nlikb t1nt1 publish this '~ 8s uty last mill and testament, hereby r evoking all otherwills by me at airy time here- . ,totare made. -.....--~1`„ I direct that my debts and funeral expenses be paid as soon after ray death as praotioable, and that a foot msrker be placed at my gave in'~eeping with the one at the grave of my husband. -------2- I sake the following bequests:- To H. H. Berkstres;:r, f iYaterfall, Pa., brother of my deceased husband, one hundred (~100,C0) dollars. To Pdary B. 'Ritter, of .Yaterfall, Pa., sister of my deoeased husband, one hundred ($100.00) dollars, To Roy i4. hitter, of ;laterfall, Pa., one hun~3red (0100.00) dollars. To Boris Eloise .jitter, one share cf the preferred stock of Tenn. Flec. Power Co., end one of my gold watches. fio Adreennagloise Hrowr. , of Hrsinered, Tenn., one share of the preferred stock of the Ten:. Flec. •Power Co., and my other gold watch. To Dr. W. D. L, Record, of Chattanooga, Tenn „ fn token or' my regs.rd for kindness shown me during the time he has been ~ physician, I give snd devise my two t rscts oz' land on ;Ysldan's Ri3ge, is Hamilton county, Tens. To 9lanch Elzey, of Seaford, Del., fifty 0 50.00) dollars, and To Al"cart Slzey, o: Seaford, DeI., f iftp 050.40) dollars. In appreciation of their great love and kindness shown me a t the time of my husband's death. To Leas. Pipkin Smith, (lairs. T,y Smith), of Chattanooga, Tezut., my five (S) shares of stock in Hamilton :1Tational Associates of Chattanooga, and one share of the Drefarred stock of Tenn. Elec. Power Co. To The First Plat. Hank of Chattanooga, as trustee, for the ~~urposes and upon theterms and conditions hereinafter stated, the stmt of seventeen hundred (•1700.00) dollars, sad also ell the real estate vrheravar located which came frcen my d eeeased husband and which I shall oam ~ the tame of my d eath, any incumbraaoa thereon to be paid off by the trustee and not out of my g eaeral estate. ------ 3- The property above given and devised to the First Nate Bank in trust shall be held, managed and con+.rolled by sa_d trustee as r'ollows: The real estate devised to said trustee is to b e held for the benefit of Dickinson College in Cumberland county, borough of Carlisle, state of Pennsylvania. The trustee is fully authorized to sell and convey said realeatate when in its ~ud~ent it is advisable to do so, and to reinvest the prooeeds of sale,. The het income derived f tom said real estate and also :tom its prooeeds when reinvested shall b® paid over at convenient interva.Is to the treasurer of said collage to be used for the purposes of said collage as the proper off icers thereof may direst. ----- 2- The said sum of seventeen hundred (•~I700,00) dollars shall be held as four senarata trusts,, namely; Three hundred (;300.00) dollars thereof shall be h©13 for the benefit of the «omen's Sunday School class of the rirst Methodist Church of Chattanooga, Tenn., sad the n®t income thereof paid over to the treasurer of said pleas to be us>d as the officers of the class may dfrsct. Taro hundred (•$200.00) dollars thereof shall be held and the net income therefrom paid over to the treasurer of %tt. Nebo Cemetery in Shirleysburg, Pa. to be used in caring for the grsves of my parents, Daniel sad Isabella Grisinger. Two hun~xed (x200.00) dollars thereof shall ba held and the net income ther~3'rom paid over to the treasurer of Forest Hills Cemetery of Chattanooga, to be used for beautifying or upkeep of the monuments on the lot of my husband and rAyself, One thousa~,d (.>1,000.00) dollars thereof shall be held intrust for the benas'it or Vernon C. Nichols o~ rt. Covington, iY. Y. and the net income therefrom paid over to him semisnnually during his life. Upon his death the oorpus thereof shall be helR in trust by said trustee snd the net incorse therefrom paid over annually to th® treasurer of the Home :~issionary Society of the r^irst ;dethodist Church as' Chattanooga, to be used as the proper officers of said Society shall 3irect for the purpose of said society. The above bequests for the ber_efit of Dickinson College is made in ac~:ordance with the expressed wish of my below©d husband, Frsnk 1~. Herkstreser, who was an alumnus of Dickinson Oollage, snd also in s c~ordanoe with mY own desire. ___,... 3- It shall be the duty of the trustee to keop the corpus of the trust fund invested in first mortgages on roal astst~ or i•~ such participation certificates as are now being issued by th© banks in Tennessee, or in siruilar security. Said trust funds shall be ,~ - z - -,. _~ kept separate troy any. Funds belonging to the trustee or to ~y other estate it may be administering. -- The trustee shall xtot be required to give bond or to take reports to any court, but will at.sll convenient times render a report of the condition of the trust estate upon the request of any beneficiary. _~-.._~}- e11 the remnainder of my a state I gi,o^e, devise and bequeath to the corporation controlling the University of Chattaaoaga to be used for the purposes of such University as the $oard of Directors theneot shall direct. _~._---5- I nominate and appoint the First Nat. Hank of Chattanooga to be the executor oP this will and expressly excuse it tree giving band as such, and authorize it to yell and couv~ey any real estate of which I may die the owner. In testimony whereof, vritaesa ury hand this the day of Ootober, 1931. Signed by the said testatrix, Eloise B. Berkstreser, as and for her last vPill and testament, in the presence of us, the undersigned, 9rho at her reQUest and in her sight and presence, end in the sight and presence of a ach other have subscribed our names hereto as attesting witnesses on the day and date above written. II6 TTTE ORFIiFL'~S' CCL'RT OF CtJ„BERL:'hfiU COUNTY No. FETITIOP; OF TIDE 'TRUSTEES OF DICKINSON COLLEGE, CIIMBERLAND~UFO1RCA1'POIi~TiW,EN~' OF ANTRUS OF TO THE HGNOE:'tBLE, THE FR;~uIDEA'T JUDI'JI; OF THE SAIL' COtTRT Your petitioner, The Trustees of Dickinson College, in th e Borough of Carlisle, in the County of Cumberland, respectfully repre- sents: 1. That your petitioner is a corporation chartered by the Act of September 9, 1783, 2 Smith's Laws 71, er_titled "AIV 1iCT for the establishment of a college at the borough of Carlisle, in the county of Cumberland, in the State of Pennsylvania", under the style and title of ''T'rIE TRU~TL'ES OF DICKINSON COLLEGE, IN TIIE BOROtiG~3 OF CARLISLE, III TiIE COtITd'I'Y CF CUt+IIBLRLI-S1ll", and with authority, inter alia, to receive and hold any estate in any messua~;es, lands, tenements, hereditaments, goods, chattels, moneys or other effects, by the gift, grant, bargain, sale, conveyance, assurance, will, devise or bequest of any person or persons whatsoever. ~. That Eloise B. Berltstresser died Jar~uar,y 18, 1953, dom- iciled in ttie Gity of Chattanooga, 'T'ennessee, and leaving a last will and testament, dated the day of Gctober, 131, duly probated in i Hamilton County, Tennessee, wherein, inter alia, she provided as .follows: "2. I ma~~e the following bequests:- "To l,ie .~irst ~~~Yt. Bank cf Chattanooga, as tr.~.stee, * * * all the real estate wherever located which came from my deceased husband and uahiclz 1 smell own at tree time of my death, any incumbrance thereon to be paid off by the trustee and not ouc of my general estate. -1- "The real estate devised to said trustee is to be held for the benefit of Dickinson College in Cumberland county, borough of Carlisle, state of Pennsylvania. The trustee is fully authorized to sell and convey said real estate when in its judgment it is advisable to do so, and to reinvest the proceeds of sale. The net income derived from said real estate and also from its proceeds when re- invested shall be paid over at convenient intervals to the ,,.~, treasurer of said college to be used for the `purposes of said college as the prover officers thereof may direct_ "The above bequests for the benefit of Dickinson College is made in accordance with the expressed wish of my be- loved husband Frank A. Rerkstresse.r, who was an alumnus of Dickinson Col~ege, and also in accordance with my own desire. 'rIt shall be 'the duty of the trustee to keep the corpus of the trust fund invested in first mortgages on real estate or in such participation certificates as are now being issued by the banks in Tennessee, or. in similar security." 3. That the said Eloise B. Berkstresser died owning the following real estate: 931 and 931 Peeples Street 712 and 714 Baldwin Street 629, 631 and 631: East 10th Street 7C2 ?3cCaliie .avenue , all in the City of Chattanooga, Tennessee, and all free and unencumber- ed with the exception of a first mortgage of X1500 secured on 629-631 East 10th Street. 4. That the First ational bank of Chattanooga, Tennessee, declined to accept the trust and qualify as trustee and W. A. Sadd was appointed administrator of the estate of Eloise B. Berkstresser, de- ceased, with the will annexed, took charge of the real estate, and administered the same from 1933 to March 1, 1944, whereupon he filed his final accounting in'`the Chancery Court of Hamilton County, Tenn- essee, which account has been approved by the said court, which said court likewise appointed Harry ',';. Durand, Jr., substituted trustee in the place and stead of the First National Bank of Chattanooga to hold, ~~ administer, sell, convey and make title to said real estate; that the said substituted trustee has made sale of all of said real estate and - 2- ~; ,:. .~,.. ;~: out of the proceeds thereof has paid and satisfied the first mortgage of X1500 referred to in the preceding paragraph and also various costs and expenses allowed by the said Chancery Court of Iiamilton County, Tennessee, and now holds a net balance of X6,172.34 cash. 5. That your petitioner is informed and therefore avers that, in order to eliminate the practical inconvenience of having said trust fund admiaistered in Tennessee with the remission of -net income periodically to the trustees of Dickinson College in Carlisle, Pennsylvania, the Chancery Court of tiaiailton County, Tennessee, will entertain a petition for the discharge of the substituted trustee in Tennessee anal the transfer of the fund to a corporate trustee located in Carlisle, Pennsylvania, to hold. said fund for the benefit of Dickinso College, upon the appointment of such a trustee by your Honorable Court and upon its entry of a separate bond in this matter in the sum of ~7,pOC.00, conditioned upon its faithful performance of said trust, said bond to be filed with your Honorable Court. VT~REF4RE; your petitioner prays your Honorable Court to ap- point Farmers Trust Company, of Carlisle, Pennsylvania, as trustee for Dickinson College under the will of Eloise B. Berkstresser, deceased, as more fully set forth in proposed decree attached hereto; :=~'VD your petitioner will ever pray. T~ TRUSTEES OF DICKIN;;GN COLLEGE, IN BOn0I3GH OF CrI~LISLE, IN THE CUUT.TY OF CUA~BERLhND _, ,~ttest~. ,..~ j. By .T Presid t~ ~:-cl 7.'reasurer ... :I I t -~ -3- COtv~,~Ui~;'IEhLTH OF PEtifiSYLVANIA . ss. COUNTY OF PHILADyLPHIA ~,;..' I .~~ ~~ ~ ~ ~~, ; .J ar. { bT i i .; ~:~~_ .~, ~. ~; ~:~:! BOYD LEE SPAHR, being duly sworn, according to law, deposes and says that he is President of the Board of Trustees o£ liinkinson College in tl:e Borough of Carlisle a.n t11e County of Cumberland and that the facts set :forth in the foregoing Petition are true to the best of his knowledge, information and belief. i S~VORI\T TO ~'~~D SUBSCRIBED before me this 3d day of January, 1945 ~ d`r~, - - . -T-Boyd Lee Spahr IvTOT~1R PUBLIC ~ My Commission Expires January 18, 1945 ~~,., -4- ~~' ~~ . i:~~~ rc= ASBENT OF FARi~r~i~S TRUST CCP~GPANY Farmers Trust Company hereby agrees to 'act as trustee for .~ '... ,,`. a Dickinson College under the will of Eloise B. Berkstresser, deceased, in accordance with the prayer of the attached petition. FAR~~RS TRUST CO!t7PANY By ~,~ -5- IN THE ORPHANS` COURT OF THE COUNTY OF CUMBERIAND No. - D E C R E E ;' .; i `, _ ~'- -` ;. ~':~ ~~ ,' f~. ~~ . ~~ °a~. r ~,',J~ : ..,... . ~::~. a!4, `L" ,,~ y ~.~Li AND now, to rryit, this ~~ ~ day of 1945, on consideration of the within petition and on motion of E. N. BIDDLE, JR., ESaUIRE, attorney for The Trustees of Dickinson College, in the Borough of Carlisle, in the County of Cumberland, IT IS ORDERED, ADJUDGED AND DECREED that FARI~EERS TRUST COMPANY, of Carlisle, Penn- sylvania, be and it is hereby appointed trustee of the net fund now under the jurisdiction of the Chancery Court of Hamilton County, Tenn- essee, in the matter of the Estate of Eloise B. Berkstresser, deceased, No. 29,137 in said court, to hold the same for the benefit of The Trustees of Dickinson College, in the Borough of Carlisle, in the County of Cumberland, in accordance with the provisions of the will of the said Eloise B. Berkstresser set forth in said petition. The bond of the Farmers `jrust Company in 'the sum of X7,000. is hereby approved. ~.,a~:r~ III' 'T'H';ir ORPfi~IV~;' CC:~t'S OF CiJP,~EItI,AI~ID CUUT~y'I'V ~o. III; Imo: FiiJTI'I'IC't~~ Ui' :iili TR%~STEES OF liICKI1~,S01 CUEL~~"rr~ Iii :I'H~; &~ROi}iTH OF C1~.RLSSLE ITS 'EPIC CCLN'I'Y I~+' Cl~~?>liu),~~I~U FC;~l~ 'rI:i~ ~rrUIivTi,~EP<T OF TRTi STEE _, i!IwiJ ~. rii~;~;U, President Judge of the Courts of the County of Cumberland, Commonwealth of r'ennsylvania., hereby certify that tree appointment of Farmers 'T'rust Company of Carlisle, Pennsylvania, as trustee for Tiickinson College under. the will of Eloise E. Berkstresser, deceased, as prayed for in the Petition of said College and as ~~nade by Decree entered this day, is in accordance with the l~~ws of the Commonwealth of Pennsylvania, in which said llickinson College is sit- uated, and that the .Farmers Trust Comrany, trustee, is solvent and good for tiie ~,er.alty of the bond. T:' :II'I~;iS~ :'~~I~~ .i~U~ , have hereunto set cny hand and the seal of the Court tris /S`~ day of .1945. ~: 1'resiuent ~ uc~e ~, ,. (~~~:'L Cyr, CU~~RT) 717-24U-4518 FRRMERS-MRIN 817 P02iU6 JUN 19 '98 13:54 At a regular tFrm of the Chancery Crn~rt of rlamilt,on County,TPnnessPe, hef;un and held at• the Curt Hou:,P iu the Clt;,y of Cho~t~~noog~~, s~.iid ~'t ~t•e and County, on the First •~ond~~.y, it hein~ thn fifth day of F~et~ruary, 19/+~, present anc~ prestoling the Honor- aY~lp r~~gr~~iy Hov~ard, Chancellor in and for the Third Chancery Div t s i nn of said `~ta te, the follov~ing proceedings were ha~3 , v i ~: G 717-240-4518 FARMERS-MAIN E9'TIlTg OF ~LOISB B. BFSt~1G44'l~3SBR eoeee , PAATH l~Id[AL D~CJHg$ 817 P03i06 JUN 19 '98 13:54 !!0. 2 9~7~7 ) I~1 TIiB CRA]fCF~CY +COURT 03~ HJ1H~ T1.4Q1~ COVIiTY. THl4~t Thi• aquae cane on to be heard before the Bono table Po®body Howard, Chanoaller, upon the petition of IIarry P~. Durexid, Jr., ?tastes, heretofore filed in the oguae~, the tranaoript oi' the ~-ppointment of a sueeeseor trustee by the. Orphans Court of the County of Cumberl9nd, State of F~enz-sylwania, duly oertifisd aeoording to the Lame of CortgreesY the aeesanting of the bruetee appointed by this court and the r®port of the W-s8er bn the audit of said truetsio'e aveouating, and hie report as to a reweoaable eostpenaa+bioa to the trustee for bin serrice• and to his atto may for le;al asrwioes rendered harein~ •nd the entire record iaa the oa~sse, said report of the Mastat being in the words and figures follenrina ~ {Aare copy iSastsr~• repots) From the feregolag the oourt lauds that the trustee under the power vests-d in him by the gill of the deesased and deerees of this court, bas sold the real estate de~is~d in trust for flee benefit of Diotinron College of Carlisle, pennsylrania, end holds a net sum of sea~t.a~, whlah sane the truet+e has paid in to the Clerk of fshia eourt sub~eet to the ilirther nrdera o t th• oourt~ that the beneficiary, Diotineon College of Qarliele, Pennsylvania, hsa oaussd a suooeseor trustee to oe appointod In Lhe St+a~~ of F'F:i,ncylv4rile, and eemko An <~rder of this oourt traneferrin~ tFe trust t1inA to eueh trustee! that etrans- oript oi' thas reaore of the wppointmeat of th~+ Farmers Trv-et Company of Carlisle, Ponneylvanie, as such trustee by they Orphans Court of Cumberland County, Penne,ylvaaia, has been Siled and rntide a part of -the record herein that the trustee appointed bye this court hee filoci an aaoountiag of his trust Mhioh has been fluly audited by the Master who has also baleen proof az-d reported whet would be reasonable ®empeneatioa to said truirtee and hie solioitor, and the l~lastor'm report has bees duly filed. lpOrl, TS&ItE!'ObtIO, it t e ordered, adjudged and deemed by the Coart~ 1 That the report of the ~ster,being unexoepted te, be and the same hereby is in all thins confirinsd. 8 ~ That the appointssent of Farmers Trust Qompany of Carlisle, PAaneylvania, by the Orphans Court of L'umberland County, Pennsylvania, on Jsnaary 16. 1$46, end its qua2itication by fUna.iehing bond in the aeeount of X7000.00 ar presoribed by the court having been approved by that oourt, all as shaven by the dnly cerkitied eopy et said tran- soript, is iu ell things regular snd adoording to the requlremeats at the seatutes of this abate, and aa9d Far~sers ?rust Cos~aay, Trustee, is approved as • proper trustee to reoeive and administer a trust fund for the ues and benefit of Dickinson Cc~Iiege of Carlisle, Pennsyl~saia, ae presoribed in deoeassd~e will. 3 -That the Cler)c is hereby erdersd to pay out of the innd now held by him to Aar~ry- 1v. Durand, Jr., Yrustee, the ease of X100.00 as his aompeaeation as trashes, to Gras. f. Ca flay, •ttoraey the sum. of ~70b.00 as his oompsnsation for 1e6a1 esrvioes herein, and to h Ln- self' the costs incident to the handling of this trust and the transfer o! the sane to the new trurtee. 4 « After c^ayi,n; the fore~ol~nP, items, the C.1®rk will refiib the t~alanoe of the trust fund to the lacrmere Trust Company, 7ruet®e, of Cn~rli.slo, F enneylvanie+, t;o be held and administered by such truate• pursuant to and in aooordauoe with the provisions of the will of the deoeassd, Rloise 8. IIerketresser, relating to the ctevioe for the benefit oi' nialcinaon Calleg®, of Carlisle, Penneylvapiu, and take its reeeipt theretbr which mill ba a-ade a part of the reoord herein. 6 It appearing frox+ the ah,ster~s report that the Clerk of this eeurt still holds thF oh®ok of R. A. Badd, A~inistrator, fur $40.80 oovering one halt' the Basta of lihis er~uee hete~Dvfore ad fudges against the within trust 'asoeuaa the for®going was Dresented at the ,.../' bent after the death of the Adx-ir~iatratcr~aae not honored, enQ it oleo appearing that the Admihlstrator ,vas allowed oredit for fie eheok i,n r>5.s ~ocvunting, it 1a ordered that the •uooeesor ~dmaauietrotor to be appointed later is this awuss draw a oheo~r e:gainat the general estate flinc~.s and nubatitute it far the oheok naw helel by the clerk, wi~,ioh will th~reupoa Z,e surrendered and ce.naelled• 6 -Awry e~. Dursnd, Jr., Trustee, having seeds a till aeoount- ing as to the handling of hie trust In this matter, r~hieh aocountit~ has been apprawd by the oourt, And having paid into th• oaurt the entire remaining assets of the trust for transfer to the aueoeseor trustem, it i• ordered that he be, sad hs hereby is, disehargedt ~+~ ~ ~'"'r~"''~'"~• Th io ~~_ day o t b(s.reh, 1 q /~8. approved for entry Chs.>;tse or Q. ~. o a r ' ~: 717-240-4518 FRRMERS-MRIN fitate of Tennessee County of Hamilton 817 P06i06 JUN 19 '98 13:55 Z, °~am Erv~i.n, Clerk and master of the chancery Court in and for said State and County, do.herery certify that the forP- going is a fult,true and correct copy ~f the decree enrolled T~arch ~1,19/~~ in the said styled cause of Estate of Eloise h ~erkstresser r3eceased, Fx Parte, exrPpt the report of the Clerk and ~~aster, as the S3"-P remains ~n file and of record in my office. witnPS~ my hand and the seal of said Court at; off'i.ce in the City of Chattanooga, TFrm essee this AT~ril 2,194- C A~ UI 0 717-?d0-d518 FRRME~?S-f9G I h1 788 PC~2:'42 ~ UN 18 °'~8 09 ~ 27 Farr~rn Vast Compaz~y, Carlisle, Penx~.sylvaaia Trtxste8 of thR Eloiao H. Berkstr90ser Fund fdr the age sad Benefit ul ~3akinsfln Col legs. $lpiae ~_ per3~atreaser did~l January 18, 1933, domiciled in the City of Chattat~voga, ?enxiessee, axed lesva~ag s last rors11 s~.i teateaaent, dzted the day oz Dotobex', 1931, duly p,~ob~a~Qd its Hamilton County, Tennessee, wherein, inter ali4, 'shp provided as Palloars NT ntalce t~xe fo2lc~ring bequests........tp the First :~ativnal $anlc of Chattanooga as trustee....... the real estate d~,r3avd to as~id ~ruaten is to tie held for t~xe benefit oP Diokiaeaa College. 7.'he Trustee is fu11y authorized to all and aoaYey said r~cal estate *hen in its ~udgmant it is advisable to do rto, anal to reix~est the prooeeds aP sale. The a+t ixs,aams d44ised from aa3Q retl estate aYid also from its proa~eeds when reinvented shall be paid over at c3on4enient inb+rvals to tlaer Trae~aurer oP sold C;plleae to be used for the purposes of said College as the p~rvper officaxs thereof Keay aireot". ~~ At a regular term of the chanoery Court of 13ami,ltaa ~ou~itya T~TSrsrasee, ca Fesbruar~t 5, 1945, s final deorae ins the above estate ~sas eaterhd aPproTing the ~'srnters Trust Company Rs trustee to r9a+ive osid ailu,inister this trust fund for the use end benefit of Diakinaesi Colleges and invest iri similar securities as othex trusts. 4xa, this l~.th day o#' Apr~.Y, 1945, the ~'armer~ Trust Cozapany avcsepts ahocska totesll3ug $6,17$.34 for the egtabli$Yuaent of the Eloise B. Ber3tstresser Fund. Dickinson Chllag+ $y Gi bert a ao].mi reaaurer Aa;eptad. for the Ftir~,ers Trust Co~any CONSENT TO SERVE AS SUCCESSOR TRUSTEE The Board of Trustees of Dickinson College hereby consents to serve as successor Trustee of the testamentary trust established by the Will of Eloise B. Berkstresser for the benefit of Dickinson College. WITNESS: F r DATED: ~_,,'~-~-/2~`.~, ~~'1, 1998 THE BOARD OF TRUSTEES OF DICKINSON COLLEGE BY ___~_ its~b~~ ~2GGE,th.-~ -11- INSTRUMENT OF RESIGNATION COMMONWEALTH OF PENNSYLVANIA COUNTY OF ~l~f?71'~,~`/L(r?C"C_ SS: f. On this, the ,.~~ day of-,~.C,1~. , 1998, before me, a Notary Public, the undersigned officerh personally appeared ~ ~~.l"7~, ~. ~Ct,~ %i~ ,who acknowledged ~'k self to be the ~/t~ ;:r ~ ~~, ~~~ '~~'' ~'U of Financial Trust Services Co., successor to Farmers Trust Company, a core ration, and tha~`~"~., as such~`cSrC~°~?¢ C ~'~ ,being authorized to do so, and duly sworn according to law, deposes and says that Financial Trust Services Co., successor to Farmers Trust Company, subject to court approval, hereby resigns as Trustee of the testamentary trust established by the Will of Eloise B. Berkstresser for the benefit of Dickinson College. 1 ~ - ~~ SUBSCRIBED AND SWORN before me the day and year aforesaid. i~ ~~ ~ Nota blic J ry (SEAL) Notarial Seal Kandy L Coyle, Notary Public Car sle Boro, Cumberland County `~ Commission Expires July 1. 2G02 Member, Pennsylvania Association of Notaries -13- JOINDER OF FINANCIAL TRUST SERVICES CO ,SUCCESSOR TO FARMERS TRUST COMPANY Financial Trust Services Co., successor to Farmers Trust Company, hereby joins the above Petition for Approval of Resignation of Trustee and Appointment of Successor Trustee, under the testamentary trust established by the Will of Eloise B. Berkstresser for the benefit of Dickinson College. ATTEST: ~~~1 J , ~ -~r.~~; DATED: ~. ~!~-, 1998 FINANCIAL TRUST SERVICES CO. Jan .Burke, its President/CEO -15- IN THE MATTER OF IN THE COURT OF COMMON PLEAS THE ELOISE B. BERKSTRESSER CUMBERLAND COUNTY, PENNSYLVANIA TRUST ORPHANS' COURT DIVISION NO. 1 OF MARCH, 1945 PETITION FOR APPROVAL OF RESIGNATION OF TRUSTEE AND APPOINTMENT OF SUCCESSOR TRUSTEE DE AND NOW, this ~I~/`day of 998, upon presentation and consideration of the foregoing Petition for Approval f e gnation of Trustee and Appointment of Successor Trustee, it is Ordered and Decreed that: 1. Financial Trust Services Co., successor to Farmers Trust Company, Trustee of the testamentary trust established by the Will of Eloise B. Berkstresser for the benefit of Dickinson College, is hereby permitted to resign as Trustee, without the requirement of a formal fiduciary accounting. 2. The Board of Trustees of Dickinson College is hereby appointed successor Trustee of the said Trust, without the requirement of executing and filing a bond. 3. Subject to the transfer of the balance of the Trust funds to the Board of Trustees, as successor Trustee, Financial Trust Services Co., successor to Farmers Trust Company, is hereby discharged as Trustee of the said Trust. B T •V --._...