HomeMy WebLinkAbout03-0251 COURT OF COMMON PLEAS
OF
CUMBERLAND COUNTY, PENNSYLVANIA
ORPHANS ' COURT DIVISION
FIRST ANDPARTIALACCOUNT
of
COMMUNITY TRUST COMPANY, TRUSTEE
for
THE JANE W. LONG CHARITABLE REMAINDER UNITRUST
Dated November 1, 1996
START OF TRUST:
DATE OF APPOINTMENT:
ACCOUNTING FOR PERIOD:
November 1, 1996
August 15, 2000
November 17, 2000, to
January 31, 2003
Purpose of Account: Community Trust Company, Successor
Trustee, offers this account in conjunction with and in
support of a Petition for Approval of Delegation of
Trust Investment Functions.
It is important that the account be carefully examined.
Requests for additional information, or questions, or
objections, can be discussed with:
Cory J. Snook, Esquire
GATES, HALBRUNER & HATCH, P.C.
1013 Mumma Road, Suite 100
Lemoyne, PA 17043
Phone: (717) 731-9600
Fax: (717) 731-9627
Summary of Account
Income Paae
Beginning Balance - Income Cash
Asset Sales & Transfers 3 - 5
Dividends Received 5 - 8
Capital Gains Received 8 - 9
Interest Received 9
Transfers to Income from
Principal 9
Miscellaneous Receipts 10
Total Income Cash Receipts
29,702.51
10,568.11
637.01
29.60
6,742.30
689.34
Asset Purchases and Transfers 10 - 12
Fees Paid-Wachovia Securities 16
Income Distributions 16
Transfers from Income to
Principal
Total Income Cash Disbursements
-20,678.93
-1,147.17
-25,794.53
-748.24
Ending Balance - Income Cash
$ 0.00
48,368.87
-48,368.87
$ o.oo
PrinciD&l
Beginning Balance - Principal Cash
Capital Gains Received 18
Cash Additions 18 - 19
Asset Sales & Transfers 19 - 25
Transfers to Principal from
Income 25
Total Principal Cash Receipts
Asset Purchases & Transfers 26 - 27
Fees - Wachovia Securities 28
Fees - Community Trust Co. 28
Fees - Tax preparation 28
Distribution of Principal 30
Transfers from Principal to
Income 30
Miscellaneous Disbursements 31
Total Principal Cash Disbursements
Ending Balance - Principal Cash
4,511.82
35,662.22
171,623.41
748.24
-159,971.16
-3,755.45
-4,602.62
-140.00
-13,261.40
-6,742.30
-24,072.76
$ 0.00
212,545.69
-212,545.69
$ o.oo
Assets
Beginning Balance - Assets at Book Value
Assets Purchased
Assets Contributed
Total Asset Increases
Assets Sold
Assets Distributed
Total Asset Decreases
Ending Balance - Assets
$180,650.09
197,556.53
$211,697.29
32 14,377.91
$378,206.62
-266,075.20
$152,131.42
REPORT OF ASSETS
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
AS OF 01/31/03
PAGE
1
BONDS
Market Value
Units Price 01/31/03
Book
Value
OTHER OBLIGATIONS
1. VANGUARD TOTAL BOND
MARKET FUND #84
3471 10.3600 35,964.38 34,720.29
TOTAL BONDS
35,964.38
34,720.29
STOCKS
MUTUAL FUNDS
2. MORGAN STANLEY FUNDS
INSTITUTIONAL VALUE
3. PIMCO MULTI MANAGER
SER GROWTH INSTL FD
4. PIMCO FDS PAC INVT
MGMT SER TOTAL RET
5. SCUDDER INTL FUND
6. VANGUARD US GROWTH
PORTFOLIO FUND #23
7. VANGUARD WINDSOR II
GROWTH FUND #73
1177 11.3500 13,356.33 17,815.73
1209 15.3700 18,583.13 26,949.93
3251 10.6800 34,719.32 33,189.49
44 28.9200 1,283.32 2,376.91
713 11.7700 8,391.96 16,155.47
708 20.9000 14,791.41 19,139.42
TOTAL STOCKS
91,125.47
115,626.95
BANK ACCOUNTS
DEMAND DEPOSITS - OTHER BANKS
8. COMMERCE BANK 964
MONEY MARKET FUNDS
9. EVERGREEN US GOVT 820
MONEY MARKET FD CL A
1.0000 964.48 964.48
1.0000 819.70 819.70
TOTAL BANK ACCOUNTS
1,784.18
1,784.18
PAGE 1
REPORT OF ASSETS
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
AS OF 01/31/03
Market Value
Units Price 01/31/03
PAGE
Book
Value
2
TOTAL INVESTMENTS
INCOME CASH ON HAND
PRINCIPAL CASH ON HAND
TOTAL ASSETS
TOTAL CASH 0.00
128,874.03
0.00
0.00
128,874.03
152,131.42
0.00
0.00
152,131.42
PAGE 2
REPORT OF INCOME CASH
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
BEGINNING BALANCE
INCOME CASH RECEIPTS
1. ASSET SALES AND TRANSFERS
Sale of an Income Asset
DREYFUS APPRECIATION FUND
07/02/01 Sold .2070 units
Purchased 03/29/01
Short-term gain of .50
8.29
MAS FDS VALUE FUND
07/02/01 Sold 6.7640 units
Purchased on multiple dates
Short-term gain of 8.18
105.79
PIMCO FDS PAC INVT MGMT SER TOTAL RET
08/10/01 Sold 89.6350 units
Purchased on multiple dates
Short-term gain of 21.58
958.20
T ROWE PRICE INTERNATIONAL STOCK
FUND
02/11/02 Sold 3.2770 units
Purchased 12/13/01
Short-term loss of 2.00
33.69
ROYCE PREMIER FUND
02/11/02 Sold 3.2520 units
Purchased 12/06/01
Short-term loss of .75
32.97
SCUDDER INTL FUND
07/02/01 Sold .3380 units
Purchased 01/02/01
Short-term loss of 2.37
14.20
VANGUARD US GROWTH PORTFOLIO FUND #23
07/03/01 Sold .4890 units
Purchased 12/18/00
Short-term loss of 4.20
10.08
VANGUARD TOTAL BOND MARKET FUND #84
PAGE
3
0.00
PAGE 3
REPORT OF INCOME CASH PAGE
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
07/03/01 Sold 93.0710 units
Purchased on multiple dates
Short-term loss of .92
935.36
08/10/01 Sold 6.2110 units
Purchased 06/04/01
Short-term gain of 1.05
63.41
VANGUARD WINDSOR II GROWTH FUND #73
07/03/01 Sold 6.3900 units
Purchased 12/18/00
Short-term gain of 11.12
175.98
08/10/01 Sold 5.2440 units
Purchased 06/25/01
Short-term loss of 2.35
142.43
COMMERCE BANK
07/10/01 Sold 3,708.7900 units
Purchased 07/09/01
No gain or loss
3,708.79
12/19/01 Sold 19.0500 units
Purchased 07/31/01
No gain or loss
19.05
12/31/01 Sold 540.3900 units
Purchased 12/24/01
No gain or loss
540.39
12/23/02 Sold 1,015.7500 units
Purchased 12/24/01
No gain or loss
1,015.75
EVERGREEN US GOVT SEC PORTFOLIO
12/19/00 Sold 51.6700 units
Purchased 12/29/00
No gain or loss
51.67
07/06/01 Sold 3,708.7900 units
Purchased 01/09/01
No gain or loss
3,708.79
PAGE 4
REPORT OF INCOME CASH PAGE
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
07/23/01 Sold 6.6700 units
Purchased 07/10/01
No gain or loss
6.67
08/20/01 Sold 12,756.1600 units
Purchased 08/07/01
No gain or loss
12,756.16
EVERGREEN US GOVT MONEY MARKET FD CL A
12/20/01 Sold 540.3900 units
Purchased 09/28/01
No gain or loss
04/22/02 Sold 588.3700 units
Purchased 12/18/01
No gain or loss
07/22/02 Sold 558.8000 units
Purchased 12/20/01
No gazn or loss
08/23/02 Sold 2,789.5600 units
Purchased 01/08/02
No gain or loss
10/21/02 Sold 201.1800 units
Purchased 09/10/02
No gain or loss
12/13/02 Sold 736.5400 units
Purchased 09/10/02
No gain or loss
540 39
588 37
558 80
2,789 56
201 18
736 54
Total Sale of an Income Asset
TOTAL ASSET SALES AND TRANSFERS
2. DIVIDENDS RECEIVED
29,702.51
29,702.51
Dividend Receipt
DREYFUS APPRECIATION FUND
03/29/01 DIVIDEND OF
12/20/01 DIVIDEND OF
7.79
74.12
PAGE 5
REPORT OF INCOME CASH PAGE
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
MAS FDS VALUE FUND
12/26/00 DIVIDEND OF
04/16/01 DIVIDEND OF
07/13/01 DIVIDEND OF
12/21/01 DIVIDEND OF
MORGAN STANLEY FUNDS INSTITUTIONAL VALUE
04/12/02 DIVIDEND OF
07/12/02 DIVIDEND OF
10/11/02 DIVIDEND OF
12/20/02 DIVIDEND OF
PIMCO MULTI MANAGER SER GROWTH INSTL FD
12/13/01 DIVIDEND OF
PIMCO FDS PAC INVT MGMT SER TOTAL RET
01/03/01 DIVIDEND OF
02/02/01 DIVIDEND OF
03/05/01 DIVIDEND OF
04/03/01 DIVIDEND OF
05/02/01 DIVIDEND OF
06/05/01 DIVIDEND OF
07/03/01 DIVIDEND OF
08/02/01 DIVIDEND OF
09/06/01 DIVIDEND OF
10/02/01 DIVIDEND OF
11/02/01 DIVIDEND OF
12/04/01 DIVIDEND OF
01/03/02 DIVIDEND OF
02/04/02 DIVIDEND OF
03/04/02 DIVIDEND OF
04/02/02 DIVIDEND OF
05/02/02 DIVIDEND OF
06/04/02 DIVIDEND OF
07/02/02 DIVIDEND OF
08/02/02 DIVIDEND OF
09/04/02 DIVIDEND OF
10/02/02 DIVIDEND OF
11/04/02 DIVIDEND OF
12/03/02 DIVIDEND OF
01/06/03 DIVIDEND OF
T ROWE PRICE INTERNATIONAL STOCK
FUND
12/13/01 DIVIDEND OF
SCUDDER INTL FUND
01/02/01 DIVIDEND OF
12/27/01 DIVIDEND OF
48.67
48.94
39.00
58.50
12.61
50.43
52.95
56.13
188.06
111.20
157 63
156 24
191 39
164 01
156 15
152 31
150 25
147 24
101 09
113 31
138 94
113 33
109 31
123 39
147 99
152 96
166 95
137 40
144 05
131 84
114 17
133 12
137 64
128 14
356.92
16.57
45.12
PAGE 6
REPORT OF INCOME CASH PAGE
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
12/27/02 DIVIDEND OF
VANGUARD US GROWTH PORTFOLIO FUND #23
12/18/00 DIVIDEND OF
12/31/01 DIVIDEND OF
12/23/02 DIVIDEND OF
VANGUARD TOTAL BOND MARKET FUND #84
01/04/01 DIVIDEND OF
02/02/01 DIVIDEND OF
03/02/01 DIVIDEND OF
04/04 /01 DIVIDEND OF
05/02/01 DIVIDEND OF
06/04/01 DIVIDEND OF
07/03/01 DIVIDEND OF
08/02/01 DIVIDEND OF
09/05/01 DIVIDEND OF
10/02/01 DIVIDEND OF
11/02/01 DIVIDEND OF
12/10/01 DIVIDEND OF
01/03/02 DIVIDEND OF
02/04/02 DIVIDEND OF
03/04/02 DIVIDEND OF
04/02/02 DIVIDEND OF
05/02/02 DIVIDEND OF
06/04/02 DIVIDEND OF
07/02/02 DIVIDEND OF
08/09/02 DIVIDEND OF
09/04/02 DIVIDEND OF
10/02/02 DIVIDEND OF
11/04/02 DIVIDEND OF
12/03/02 DIVIDEND OF
01/06/03 DIVIDEND OF
VANGUARD WINDSOR II GROWTH FUND #73
12/18/00 DIVIDEND OF
06/25/01 DIVIDEND OF
12/24/01 DIVIDEND OF
06/25/02 DIVIDEND OF
12/23/02 DIVIDEND OF
EVERGREEN US GOVT SEC PORTFOLIO
12/29/00
01/12/01
02/15/01
03/15/01
04/12/01
05/15/01
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
13.22
14.28
12.89
29.95
146 48
174 02
163 32
173 36
169 50
171 96
170 13
169 06
154 09
141 91
141 84
137 20
138 75
136 56
156 83
187 71
185 29
191 64
185 89
184 52
170 96
162 01
161 69
147 69
143 88
164.86
144.78
127.33
181.12
191.09
76.11
11.80
30.16
24.71
24.47
19.50
7
PAGE 7
REPORT OF INCOME CASH
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
06/15/01 DIVIDEND OF
07/06/01 DIVIDEND OF
08/15/01 DIVIDEND OF
09/21/01 DIVIDEND OF
EVERGREEN US GOVT MONEY MARKET FD CL A
o9/28/Ol
lO/12/Ol
lO/31/Ol
11/3O/Ol
12/31/Ol
Ol/31/o2
02/28/02
03/28/02
04/30/02
o5/31/o2
06/28/02
o7/31/o2
08/30/02
09/30/02
lO/31/o2
11/29/o2
12/31/o2
Ol/31/o3
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
DIVIDEND OF
23.48
17.67
3.39
7.69
0.52
37.29
2.46
1 97
1 83
1 98
2 97
2 08
2 35
2 18
2 08
2 39
6 40
1 24
0 4O
0 19
0 28
0 27
PAGE 8
Total Dividend Receipt
Short Term Capital Gain Dist
PIMCO FDS PAC IN-VT MGMT SER TOTAL RET
12/11/02 DIVIDEND OF
Total Short Term Capital Gain Dist
9,789.53
778.58
778.58
TOTAL DIVIDENDS RECEIVED
3. CAPITAL GAINS RECEIVED
10,568.11
Short-Term Cap Gains Distrib
PIMCO FDS PAC INVT MGMT SER TOTAL RET
12/13/01
T ROWE PRICE INTERNATIONAL STOCK
FUND
i2/i3/0i
ROYCE PREMIER FUND
i2/06/0i
567.60
35.69
33.72
PAGE 8
REPORT OF INCOME CASH PAGE
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
9
Total Short-Term Cap Gains Distrib
637.01
TOTAL CAPITAL GAINS RECEIVED
637.01
4. INTEREST RECEIVED
Interest Receipt
VANGUARD TOTAL BOND MARKET FUND #84
04/01/02
COMMERCE BANK
07/31/01
08/31/01
09/30/01
iO/3i/O1
ii/3o/oi
i2/3i/oi
ol/3i/o2
02/28/02
03/31/02
04/30/02
05/31/02
06/30/02
07/31/02
08/31/02
Total Interest Receipt
7.52
3.47
4.41
4.18
4.21
2.78
1 16
0 41
0 33
0 3O
0 24
0 18
0 16
0 20
0 05
29.60
TOTAL INTEREST RECEIVED
29.60
5. TRANSFERS TO INCOME FROM PRINCIPAL
Transfer Principal to Income
12/19/00
12/27/00
Oi/03/Oi
oi/o4/oi
01/05/01
12/19/01
Total Transfer Principal to Income
861.60
15.08
280.53
34.47
45.40
5,505.22
6,742.30
TOTAL TRANSFERS TO INCOME FROM PRINCIPAL
6,742.30
PAGE 9
REPORT OF INCOME CASH PAGE 10
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
6. MISCELLANEOUS RECEIPTS
Miscellaneous Income Receipt
01/09/01 CASH RECEIVED FROM FIRST
UNION NATIONAL BANK
01/09/01 CASH RECEIVED FROM FIRST
UNION NATIONAL BANK
Total Miscellaneous Income Receipt
TOTAL MISCELLANEOUS RECEIPTS
688.09
1.25
689.34
689.34
TOTAL INCOME CASH RECEIPTS
48,368.87
INCOME CASH DISBURSEMENTS
7. ASSET PURCHASES FROM INCOME
Purchase Asset from Income COMMERCE BANK
07/09/01
12/24/01
10/03/02
12/16/02
3708.79 UNITS AT 1.00
540.39 UNITS AT 1.00
276.18 UNITS AT 1.00
736.54 UNITS AT 1.00
EVERGREEN US GOVT SEC PORTFOLIO
Oi/09/Oi
Oi/i6/Oi
07/03/0i
07/05/0i
07/i0/01
07/i7/01
1313.19 UNITS AT 1.00
689.34 UNITS AT 1.00
128.28 UNITS AT 1.00
1443.86 UNITS AT 1.00
17.67 UNITS AT 1.00
39 UNITS AT 1.00
-3,708.79
-540.39
-276.18
-736.54
-1,313 19
-689 34
-128 28
-1,443 86
-17 67
-39 00
PAGE 10
REPORT OF INCOME CASH
FOR ACCOUNT 2130114
o8/o7/ol
o8/13/Ol
o9/1~/Ol
PAGE 11
COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
319.31 UNITS AT 1.00
1164.04 UNITS AT 1.00
301.33 UNITS AT 1.00
EVERGREEN US GOVT MONEY MARKET FD CL A
243 UNITS AT 1.00
37.29 UNITS AT 1.00
255.15 UNITS AT 1.00
276.14 UNITS AT 1.00
544.98 UNITS AT 1.00
259.95 UNITS AT 1.00
58.01 UNITS AT 1.00
252.08 UNITS AT 1.00
245.87 UNITS AT 1.00
66.66 UNITS AT 1.00
280.22 UNITS AT 1.00
335.7 UNITS AT 1.00
12.61 UNITS AT 1.00
338.25 UNITS AT 1.00
358.59 UNITS AT 1.00
181.12 UNITS AT 1.00
323.29 UNITS AT 1.00
50.43 UNITS AT 1.00
lO/O9/Ol
lO/16/Ol
11/o6/ol
12/11/Ol
12/18/Ol
12/26/Ol
Ol/O2/O2
Ol/O8/O2
02/05/02
o2/11/o2
03/05/02
04/09/02
o4/16/o2
05/07/02
o6/11/o2
07/02/02
07/09/02
07/16/02
-319.31
-1,164.04
-301.33
-243.00
-37 29
-255 15
-276 14
-544 98
-259 95
-58 01
-252 08
-245 87
-66 66
-280 22
-335 70
-12 61
-338.25
-358.59
-181.12
-323.29
-50.43
PAGE 11
REPORT OF INCOME CASH
FOR ACCOUNT 2130114
o8/o6/o2
O9/lO/O2
lO/15/o2
11/o5/o2
12/lO/O2
12/24/o2
12/31/o2
Ol/O7/O3
PAGE 12
COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
328.57 UNITS AT 1.00
302.8 UNITS AT 1.00
52.95 I/NITS AT 1.00
294.81 UNITS AT 1.00
285.33 UNITS AT 1.00
277.17 UNITS AT 1.00
13.22 UNITS AT 1.00
272.02 UNITS AT 1.00
-328.57
-302 80
-52 95
-294 81
-285 33
-277 17
-13 22
-272 02
Total Purchase Asset from Income
Cash Management Purchase COMMERCE BANK
o7/31/Ol
o8/31/Ol
09/30/01
lO/3i/O1
ii/30/Oi
i2/3i/0i
0i/3i/02
o2/28/o2
o3/3i/o2
o~/3o/o2
05/3i/02
- 16,624.13
-3.47
-4 41
-4 18
-4 21
-2 78
-1 16
-0 41
-0 33
-0 30
-0 24
-0 18
PAGE 12
REPORT OF INCOME CASH
FOR ACCOUNT 2130114
06/30/02
07/31/02
08/31/02
PAGE 13
COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
Total Cash Management Purchase
Dividend Reinvestment
DREYFUS APPRECIATION FUND
03/29/01 .207 UNITS AT 37.71
MAS FDS VALUE FUND
12/26/00 3.484 UNITS AT 13.97
04/16/01 3.28 UNITS
PIMCO FDS PAC INVT MGMT SER TOTAL RET
10 703 UNITS AT 10.39
15 027 UNITS AT 10.49
14 824 UNITS AT 10.54
18 193 UNITS
15 816 UNITS
15 072 UNITS AT 10.36
Ol/O3/Ol
o2/o2/ol
o3/o5/ol
o4/o3/ol
o5/o2/ol
o6/o5/ol
SCUDDER INTL FUND
01/02/01 .338 UNITS AT 49.01
VANGUARD US GROWTH PORTFOLIO FUND #23
12/18/00 .489 UNITS AT 29.20
VANGUARD TOTAL BOND MARKET FUND #84
14.707 UNITS AT 9.96
17.264 UNITS AT 10.08
16.138 UNITS AT 10.12
PAGE 13
Ol/O4/Ol
o2/o2/ol
o3/o2/ol
-0.16
-0.20
-0.05
-22.08
-7.79
-48.67
-48.94
-111 20
-157 63
-156 24
-191 39
-164 01
-156 15
-16.57
-14.28
-146.48
-174.02
-163.32
REPORT OF INCOME CASH
FOR ACCOUNT 2130114
PAGE 14
COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
04/04/01 17.13 UNITS
05/02/01 16.916 UNITS
06/04/01 17.127 UNITS AT 10.04
VANGUARD WINDSOR II GROWTH FUND #73
12/18/00 6.39 UNITS AT 25.80
06/25/01 5.244 UNITS AT 27.61
EVERGREEN US GOVT SEC PORTFOLIO
12/29/00 51 67 UNITS AT 1.00
01/12/01 11 8 UNITS AT 1.00
02/15/01 30 16 UNITS AT 1.00
03/15/01 24 71 UNITS AT 1.00
04/12/01 24 47 UNITS AT 1.00
05/15/01 19 5 UNITS AT 1.00
06/15/01 23 48 UNITS AT 1.00
08/15/01 3.39 UNITS AT 1.00
09/21/01 7.69 UNITS AT 1.00
EVERGREEN US GOVT MONEY MARKET FD CL A
.52 UNITS AT 1.00
2.46 UNITS AT 1.00
1.97 UNITS AT 1.00
1.83 UNITS AT 1.00
1.98 UNITS AT 1.00
2.97 UNITS AT 1.00
o9/28/Ol
lO/31/Ol
11/3O/Ol
12/31/Ol
Ol/31/o2
02/28/02
-173.36
-169.50
-171.96
-164.86
-144.78
-51.67
-11.80
-30.16
-24.71
-24.47
-19.50
-23.48
-3.39
-7.69
-0 52
-2 46
-1 97
-1 83
-1 98
-2 97
PAGE 14
REPORT OF INCOME CASH
FOR ACCOUNT 2130114
03/28/02
04/30/02
05/31/02
06/28/02
07/31/02
08/30/02
09/30/02
10/31/02
11/29/02
12/31/02
01/31/03
PAGE 15
COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
2 08 UNITS AT 1.00
2 35 UNITS AT 1.00
2 18 UNITS AT 1.00
2 08 UNITS AT 1.00
2 39 UNITS AT 1.00
6 4 UNITS AT 1.00
1 24 UNITS AT 1.00
.4 UNITS AT 1.00
.19 UNITS AT 1.00
.28 UNITS AT 1.00
.27 UNITS AT 1.00
Total Dividend Reinvestment
Short Term Capital Gain Rein
PIMCO FDS PAC INVT MGMT SER TOTAL RET
12/13/01 54.264 UNITS
12/11/02 73.799 UNITS AT 10.55
T ROWE PRICE INTERNATIONAL STOCK
FUND
12/13/01 3. 277 UNITS
ROYCE PREMIER FUND
12/06/01 3.252 UNITS
VANGUARD TOTAL BOND MARKET FUND #84
04/01/02 .752 UNITS
-2 08
-2 35
-2 18
-2 08
-2 39
-6 40
-1 24
-0 40
-0 19
-0 28
-0 27
-2,609.61
-567.60
-778.58
-35.69
-33.72
-7.52
Total Short Term Capital Gain Rein
PAGE 15
-1,423.11
REPORT OF INCOME CASH
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
PAGE 16
TOTAL ASSET PURCHASES FROM INCOME
8. FEES PAID - GENERAL
-20,678.93
Miscellaneous Fees
04/19/02 WACHOVIA SECURITIES FUND
SOURCE FEE
07/19/02 WACHOVIA SECURITIES FUND
SOURCE FEE
Total Miscellaneous Fees
-588.37
-558.80
-1,147.17
TOTAL FEES PAID - GENERAL
9. INCOME DISTRIBUTIONS
-1,147.17
Unitrust Distribution
07/10/01 JANE W. LONG
BALANCE OF 2000 UNITRUST
DISTRIBUTION PAID
Check # 006687
08/17/01 PARTIAL UNITRUST
DISTRIBUTION FOR
2001 FOR JANE W. LONG PAID TO
FIRST UNION TRUST COMPANY,
JANE LONG ILIT
12/19/01 JANE W. LONG
BALANCE OF 2001 UNITRUST
DISTRIBUTION
Check # 007317
08/23/02 PARTIAL UNITURST
DISTRIBUTION FOR 2002 FOR
JANE
LONG PAID TO FIRST UNION
TRUST COMPANY,
JANE LONG ILIT
12/23/02 BALANCE OF 2002 UNITRUST
DISTRIBUTION
Total Unitrust Distribution
-3,708.79
-12,756.16
-5,524.27
-2,789.56
-1,015.75
-25,794.53
TOTAL INCOME DISTRIBUTIONS
-25,794.53
PAGE 16
REPORT OF INCOME CASH
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
PAGE 17
10. TAXES
FED 31% BACKUP WITHHOLDING
12/18/oo
12/18/00
12/18/oo
12/18/oo
12/26/00
12/29/00
12/31/00
o1/o2/o1
Ol/O2/Ol
Ol/O2/Ol
Ol/O3/Ol
Ol/O4/Ol
Ol/O8/Ol
ADJUSTMENT FOR 12/18/00 -
12/26/00 - 12/29/00
ADJUSTMENT FOR 01/02/01 THRU
01/04/01
Total FED 31% BACKUP WITHHOLDING
-659.72
-4.42
-198.03
-51.10
-15.08
-24.44
952.79
-16 44
-258 96
-5 13
-34 47
-45 40
360 40
0.00
TOTAL TAXES
11. TRANSFERS FROM INCOME TO PRINCIPAL
0.00
Transfer Income to Principal
07/23/01
12/31/01 REIMBURSE PRINCIPAL FROM
TRANSFER MADE 12/19/01
10/21/02
Total Transfer Income to Principal
-6.67
-540.39
-201.18
-748.24
TOTAL TRANSFERS FROM INCOME TO PRINCIPAL
-748.24
TOTAL INCOME CASH DISBURSEMENTS
-48,368.87
INCOME CASH BALANCE
0.00
PAGE 17
REPORT OF PRINCIPAL CASH PAGE 18
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
BEGINNING BALANCE
0.00
PRINCIPAL CASH RECEIPTS
1. CAPITAL GAINS RECEIVED
Short-Term Cap Gains Distrib
SCUDDER INTL FUND
01/02/01
Total Short-Term Cap Gains Distrib
53.04
53.04
Long-Term Cap Gains Distrib
PIMCO MULTI MANAGER SER GROWTH INSTL FD
12/13/01
PIMCO FDS PAC INVT MGMT SER TOTAL RET
12/13/01
12/11/02
ROYCE PREMIER FUND
12/06/01
SCUDDER INTL FUND
Ol/O2/Ol
VANGUARD US GROWTH PORTFOLIO FUND #23
12/18/oo
VANGUARD TOTAL ~OND MARKET FUND #S4
04/01/02
VANGUARD WINDSOR II GROWTH FUND #73
12/18/oo
12/24/01
Total Long-Term Cap Gains Distrib
0.25
217.29
319 28
217 55
835 36
2,128 14
33 86
638 83
68.22
4,458.78
TOTAL CAPITAL GAINS RECEIVED
2. CASH ADDITIONS
4,511.82
Cash Addition
li/i7/O0
ii/i7/O0
ii/27/oo
RECEIVED FROM iST UNION;
A/C# 5027002177
RECEIVED FROM 1ST UNION;
A/C# 5027002177
RECEIVED FROM 1ST UNION;
A/C# 5027002177
1,976.63
24,072.76
1,976.63
PAGE 18
REPORT OF PRINCIPAL CASH PAGE 19
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
11/27/00
06/05/01
RECEIVED FROM 1ST UNION;
A/C# 5027002177
FUNDS RECEIVED FROM FIRST
UNION NATIONAL BANK
Total Cash Addition
2,572.76
5,063.44
35,662.22
TOTAL CASH ADDITIONS
3. ASSET SALES AND TRANSFERS
35,662.22
Proceeds from Sale of Asset
DREYFUS APPRECIATION FUND
02/11/02 Sold 268.5420 units
Purchased on multiple dates
Long-term gain of 2,142.02
10,024.67
MAS FDS VALUE FUND
07/02/01 Sold .2730 units
Purchased 01/01/99
Long-term gain of .10
4.27
08/10/01 Sold 146.4040 units
Purchased 01/01/99
Long-term gain of 62.62
2,300.00
MORGAN STANLEY FUNDS INSTITUTIONAL VALUE
08/08/02 Sold 83.8930 units
Purchased 02/12/02
Short-term loss of 241.62
1,000.00
PIMCO MULTI MANAGER SER GROWTH INSTL FD
07/02/01 Sold 90.2420 units
Purchased 01/01/99
Long-term loss of 135.22
1,923.06
08/08/02 Sold 190.9610 units
Purchased 01/01/99
Long-term loss of 1,355.52
3,000.00
PIMCO FDS PAC INVT MGMT SER TOTAL RET
PAGE 19
REPORT OF PRINCIPAL CASH PAGE 20
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
08/10/01 Sold 374.5460 units
Purchased 01/01/99
Long-term gain of 251.19
4,003.90
08/08/02 Sold 279.8510 units
Purchased 01/01/99
Long-term gain of 196.07
3,000.00
12/10/02 Sold 190.0000 units
Purchased 01/01/99
Long-term gain of 167.32
2,071.00
T ROWE PRICE INTERNATIONAL STOCK
FUND
07/23/01 Sold 53.9220 units
Purchased 01/01/99
Long-term loss of 236.81
623.88
07/27/01 Sold 4.1660 units
Purchased 01/01/99
Long-term loss of 17.93
48.57
02/11/02 Sold 1,189.7240 units
Purchased 01/01/99
Long-term loss of 6,759.83
12,230.36
ROYCE PREMIER FUND
02/11/02 Sold 1,108.7120 units
Purchased on multiple dates
Short-term gain of 1,335.97
Long-term gain of 102.73
11,242.34
SCUDDER INTL FUND
07/02/01 Sold .1180 units
Purchased 01/01/99
Long-term loss of 1.09
4.95
02/11/02 Sold 331.6250 units
Purchased on multiple dates
Long-term loss of 5,558.49
11,417.85
VANGUARD US GROWTH PORTFOLIO FUND #23
PAGE 20
REPORT OF PRINCIPAL CASH PAGE 21
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
07/03/01 Sold .5380 units
Purchased 01/01/99
Long-term loss of 3.80
11.09
VANGUARD TOTAL BOND MARKET FUND #84
07/27/01 Sold 4.9120 units
Purchased 01/01/99
Long-term gain of 1.28
50.00
08/10/01 Sold 392.5620 units
Purchased 01/01/99
Long-term gain of 114.61
4,008.06
08/08/02 Sold 294.6950 units
Purchased 01/01/99
Long-term gain of 77.20
3,000.00
VANGUARD WINDSOR II GROWTH FUND #73
08/10/01 Sold 85.1830 units
Purchased 01/01/99
Long-term loss of 172.07
2,313.57
08/08/02 Sold 46.9480 units
Purchased 01/01/99
Long-term loss of 369.94
1,000.00
COMMERCE BANK
07/10/01 Sold 2,489.4500 units
Purchased 07/09/01
No gain or loss
2,489.45
07/13/01 Sold 209.1500 units
Purchased 07/09/01
No gain or loss
209.15
08/10/01 Sold 198.6300 units
Purchased 07/09/01
No gain or loss
198.63
09/13/01 Sold 182.5500 units
Purchased 07/09/01
No gain or loss
182.55
PAGE 21
REPORT OF PRINCIPAL CASH PAGE 22
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
10/11/01 Sold 173.2600 units
Purchased 07/09/01
No gain or loss
173.26
11/13/01 Sold 175.3700 units
Purchased 07/09/01
No gain or loss
175.37
12/14/01 Sold 179.4200 units
Purchased 07/09/01
No gain or loss
179.42
12/19/01 Sold 5,505.2200 units
Purchased 07/09/01
No gain or loss
5,505 22
01/22/02 Sold 196 3000 units
Purchased 07/09/01
No gain or loss
196 30
02/21/02 Sold 205 3600 units
Purchased 07/09/01
No gain or loss
205 36
03/15/02 Sold 192 2000 units
Purchased 07/09/01
No gain or loss
192 20
04/11/02 Sold 194 6800 units
Purchased 07/09/01
No gain or loss
194 68
05/06/02 Sold 140 0000 units
Purchased 07/09/01
No gamn or loss
140 O0
05/15/02 Sold 193 0000 units
Purchased 07/09/01
No gaza or loss
193 00
06/18/02 Sold 192 2800 units
Purchased 07/09/01
No gaza or loss
192 28
PAGE 22
REPORT OF PRINCIPAL CASH PAGE 23
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
07/22/02 Sold 186 0500 units
Purchased 12/31/01
No gain or loss
186 05
08/14/02 Sold 177 9900 units
Purchased 12/31/01
No gain or loss
177 99
10/08/02 Sold 166 2800 units
Purchased 12/31/01
No gain or loss
166 28
10/15/02 Sold 160 9900 units
Purchased 10/03/02
No gain or loss
160 99
11/13/02 Sold 162 8000 units
Purchased 10/03/02
No gain or loss
162 80
12/16/02 Sold 165 4200 units
Purchased 10/03/02
No gain or loss
165 42
12/23/02 Sold 1,055.3500 units
Purchased 12/16/02
No gamn or loss
1,055 35
01/15/03 Sold 161.7400 units
Purchased 12/16/02
No gain or loss
161 74
EVERGREEN US GOVT SEC PORTFOLIO
12/01/00 Sold 24,072.7600 units
Purchased 11/20/00
No gain or loss
24,072.76
12/19/00 Sold 861.6000 units
Purchased 11/20/00
No gain or loss
861.60
PAGE 23
REPORT OF PRINCIPAL CASH PAGE 24
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
12/27/00 Sold 15.0800 units
Purchased 11/20/00
No gain or loss
15.08
01/03/01 Sold 280.5300 units
Purchased 11/20/00
No gain or loss
280.53
01/04/01 Sold 34.4700 units
Purchased 11/20/00
No gamn or loss
34.47
01/05/01 Sold 45.4000 units
Purchased 11/20/00
No gain or loss
45.40
02/13/01 Sold 271.6300 units
Purchased 11/20/00
No gain or loss
271.63
04/23/01 Sold 597.3600 units
Purchased 11/20/00
No gain or loss
597.36
04/27/01 Sold 41.4500 units
Purchased 11/28/00
No gain or loss
41.45
07/06/01 Sold 11,385.3100 units
Purchased 11/28/00
No gamn or loss
11,385.31
07/23/01 Sold 50.0000 units
Purchased 07/31/01
No gamn or loss
50.00
EVERGREEN US GOVT MONEY MARKET FD CL A
10/22/01 Sold 566.3500 units
Purchased 09/24/01
No gain or loss
566.35
PAGE 24
REPORT OF PRINCIPAL CASH PAGE 25
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPA/~Y SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
01/22/02 Sold 592.4800 units
Purchased 09/24/01
No gain or loss
592 48
02/12/02 Sold 33,564.0300 units
Purchased 02/11/02
No gain or loss
33,564 03
08/23/02 Sold 9,716.6000 units
Purchased 02/12/02
No gain or loss
9,716 60
10/04/02 Sold 1,496.8600 units
Purchased 08/08/02
No gain or loss
1,496 86
10/21/02 Sold 276.1800 units
Purchased 08/08/02
No gain or loss
276 18
12/13/02 Sold 1,334.5600 units
Purchased 12/10/02
No gain or loss
1,334 56
01/13/03 Sold 479.7000 units
Purchased 12/10/02
No gain or loss
479 70
Total Proceeds from Sale of Asset
171,623.41
TOTAL ASSET SALES AND TRANSFERS
TRANSFERS TO PRINCIPAL FROM INCOME
Transfer Income to Principal
07/23/01
12/31/01 REIMBURSE PRINCIPAL FROM
TRANSFER MADE 12/19/01
10/21/02
Total Transfer Income to Principal
6.67
540.39
201.18
748.24
171,623.41
PAGE 25
REPORT OF PRINCIPAL CASH
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
PAGE 26
TOTAL TRANSFERS TO PRINCIPAL FROM INCOME
748.24
TOTAL PRINCIPAL CASH RECEIPTS
212,545.69
PRINCIPAL CASH DISBURSEMENTS
5. ASSET PURCHASES AND TRANSFERS
Purchase of an Asset
MORGAN STANLEY FUNDS INSTITUTIONAL VALUE
02/11/02 432.066 UNITS AT 14.80
PIMCO MULTI MANAGER SER GROWTH INSTL FD
02/12/02 275.9 UNITS AT 18.86
PIMCO FDS PAC INVT MGMT SER TOTAL RET
02/12/02 896.563 UNITS AT 10.61
VANGUARD US GROWTH PORTFOLIO FUND #23
02/11/02 242.183 UNITS AT 17.19
02/12/02 112.813 UNITS AT 17.47
VANGUARD TOTAL BOND MARKET FUND #84
02/12/02 1027.707 UNITS AT 10.20
VANGUARD WINDSOR II GROWTH FUND #73
02/11/02 297.203 UNITS AT 24.41
COMMERCE BANK
07/09/01
12/31/01
10/03/02
12/16/02
10256.16 UNITS AT 1.00
540.39 UNITS AT 1.00
1496.86 UNITS AT 1.00
1334.56 UNITS AT 1.00
EVERGREEN US GOVT SEC PORTFOLIO
11/20/00 26049.39 UNITS AT 1.00
-6,394.57
-5,203.48
-9,512.53
-4,163.13
-1,970.84
-10,482.61
-7,254.72
-10,256.16
-540.39
-1,496.86
-1,334.56
-26,049.39
PAGE 26
REPORT OF PRINCIPAL CASH
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
11/28/00
06/06/01
07/03/01
07/05/01
07/31/01
08/13/01
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
4549.39 UNITS AT 1.00
RECEIVED FROM 1ST UNION;
A/C# 5027002177
5063.44 UNITS AT 1.00
1932.28 UNITS AT 1.00
11.09 UNITS AT 1.00
50 UNITS AT 1.00
12625.53 UNITS AT 1.00
-4,549.39
EVERGREEN US GOVT MONEY MARKET FD CL A
02/11/02 33497.37 UNITS AT 1.00
08/08/02 11000 UNITS AT 1.00
12/10/02 2071 UNITS AT 1.00
-5,063.44
Total Purchase of an Asset
Capital Gains Reinvestment
PIMCO MULTI MANAGER SER GROWTH INSTL FD
12/13/01 .013 UNITS
PIMCO FDS PAC INVT MGMT SER TOTAL RET
12/13/01 20.773 UNITS
12/11/02 30.264 UNITS AT 10.55
ROYCE PREMIER FUND
12/06/01 20.979 UNITS
SCUDDER INTL FUND
01/02/01 17.045 UNITS AT 49.01
01/02/01 1.082 UNITS AT 49.01
VANGUARD US GROWTH PORTFOLIO FUND #23
12/18/00 72.882 UNITS AT 29.20
-1,932.28
-11.09
-50.00
-12,625.53
-33,497.37
-11,000.00
-2,071.00
-155,459.34
-0.25
-217.29
-319.28
-217.55
-835.36
-53.04
-2,128.14
PAGE 27
PAGE 27
REPORT OF PRINCIPAL CASH
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
VANGUARD TOTAL BOND MARKET FUND #84
04/01/02 3.386 UNITS
-33.86
VANGUARD WINDSOR II GROWTH FUND #73
12/18/00 24.761 UNITS AT 25.80
-638.83
12/24/01 2.701 UNITS
-68.22
PAGE 28
Total Capital Gains Reinvestment
-4,511.82
TOTAL ASSET PURCHASES AND TRANSFERS
6. FEES
Fees
02/12/01
04/20/01
04/26/01
07/20/01
07/26/01
10/19/01
Ol/18/o2
10/15/02
01/10/03
FIRST UNION FUND SOURCE FEE
FIRST UNION FUND SOURCE FEE
FIRST UNION FUND SOURCE FEE
FIRST UNION FUND SOURCE FEE
FIRST UNION FUNDS SOURCE FEE
FIRST UNION FUND SOURCE FEE
FIRST UNION FUND SOURCE FEE
WACHOVIA SECURITIES FUND
SOURCE FEE
WACHOVIA SECURITIES FUND
SOURCE FEE
Total Fees
Fiduciary Tax Prep Fee
05/06/02 FIDUCIARY TAX PREPARATION
FEE 2001
Total Fiduciary Tax Prep Fee
Trustee Fees
o7/o9/ol
07/09/01
07/09/01
FOR 1 MONTH(S) ENDING
11/30/00
FOR 1 MONTH(S) ENDING
12/31/00
FOR 1 MONTH(S) ENDING
O1/31/Oi
-271.63
-597 36
-41 45
-680 55
-48 57
-566 35
-592 48
-477 36
-479.70
-3,755.45
-140. O0
-140. O0
-125.00
-125.00
-125.00
-159,971.16
PAGE 28
REPORT OF PRINCIPAL CASH PAGE 29
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
07/09/01 FOR 1 MONTH(S) ENDING
02/28/01
07/09/01 FOR 1 MONTH(S) ENDING
03/31/01
07/09/01 FOR 1 MONTH(S) ENDING
04/30/01
07/09/01 FOR 1 MONTH(S) ENDING
05/31/01
07/13/01 FOR 1 MONTH(S) ENDING
06/30/01
08/10/01 FOR 1 MONTH(S) ENDING
07/31/01
09/13/01 FOR 1 MONTH(S) ENDING
08/31/01
10/11/01 FOR 1 MONTH(S) ENDING
09/30/01
11/13/Ol FOR I MONTH(S) ENDING
10/31/01
12/14/Ol FOR I MONTH(S) ENDING
11/30/01
01/22/02 FOR 1 MONTH(S) ENDING
12/31/01
02/21/02 FOR 1 MONTH(S) ENDING
01/31/02
03/15/02 FOR 1 MONTH(S) ENDING
02/28/02
04/11/02 FOR 1 MONTH(S) ENDING
03/31/02
05/15/02 FOR 1 MONTH(S) ENDING
04/30/02
06/18/02 FOR 1 MONTH(S) ENDING
05/31/02
07/22/02 FOR 1 MONTH(S) ENDING
06/30/02
08/14/02 FOR 1 MONTH(S) ENDING
07/31/02
10/08/02 FOR 1 MONTH(S) ENDING
08/31/02
10/15/02 FOR 1 MONTH(S) ENDING
09/30/02
11/13/02 FOR 1 MONTH(S) ENDING
10/31/02
12/16/02 FOR 1 MONTH(S) ENDING
11/30/02
-167.33
-180.25
-199.22
-207.35
-209.15
-198.63
-182.55
-173.26
-175 37
-179 42
-196 30
-205 36
-192 20
-194 68
-193 00
-192 28
-186 05
-177 99
-166 28
-160 99
-162 80
-165 42
PAGE 29
0i/15/03
Total Trustee Fees
REPORT OF PRINCIPAL CASH
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
FOR 1 MONTH(S) ENDING -161.74
12/31/02
-4,602.62
PAGE 30
TOTAL FEES
7. DISTRIBUTION OF PRINCIPAL
-8,498.07
Unitrust Distribution
08/23/02 PARTIAL UNITRUST
DISTRIBUTION FOR 2002 FOR
JANE
LONG PAID TO FIRST UNION
TRUST COMPANY,
JANE LONG ILIT
12/23/02 BALANCE OF 2002 UNITRUST
DISTRIBUTION
Total Unitrust Distribution
Partial Distr. of Principal
07/10/01 JANE W. LONG
BALANCE OF 2000 UNITRUST
DISTRIBUTION PAID
Check # 006687
Total Partial Distr. of Principal
-9,716.60
-1,055.35
-10,771.95
-2,489.45
-2,489.45
TOTAL DISTRIBUTION OF PRINCIPAL
8. TRANSFERS FROM PRINCIPAL TO INCOME
-13,261.40
Transfer Principal to Income
12/19/00
12/27/00
Oi/03/Oi
oi/o4/oi
Oi/05/Oi
i2/i9/0i
Total Transfer Principal to Income
-861.60
-15.08
-280.53
-34.47
-45.40
-5,505.22
-6,742.30
PAGE 30
REPORT OF PRINCIPAL CASH PAGE 31
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
TOTAL TRANSFERS FROM PRINCIPAL TO INCOME
9. MISCELLANEOUS DISBURSEMENTS
-6,742.30
Miscellaneous Disbursement
11/30/00 RETURNED CHECK-STOP PAYMENT
AS 11/17/00
-24,072.76
Total Miscellaneous Disbursement
TOTAL MISCELLANEOUS DISBURSEMENTS
-24,072.76
-24,072.76
TOTAL PRINCIPAL CASH DISBURSEMENTS
-212,545.69
PRINCIPAL CASH BALANCE
0.00
PAGE 31
REPORT OF NON-CASH ENTRIES PAGE 32
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
NON-CASH DECREASES
1. NON-CASH TRANSFER OUT
Non-Cash Transfer Out
EVERGREEN US GOVT SEC PORTFOLIO
09/24/01 1715.13 UNITS
TRANSFER TO EVERGREEN US
GOVT MONEY MARKET CL A
-1,715.13
Total Non-Cash Transfer Out
Delivery of an Asset
MAS FDS VALUE FUND
03/01/02 828.596 UNITS
NAME CHANGE TO MORGAN
STANLEY FUNDS
INSTITUTIONAL VALUE ON
ii/30/Oi
-1,715.13
-12,662.78
Total Delivery of an Asset
TOTAL NON-CASH TRANSFER OUT
TOTAL NON-CASH DECREASES
2. NON-CASH TRANSFER IN
NON-CASH INCREASES
Non-Cash Transfer In
EVERGREEN US GOVT MONEY MARKET FD CL A
09/24/01 1715.13 UNITS AT 1.00
TRANSFER FROM EVERGREEN US
GOVT SECS PORTFOLIO
-12,662.78
-14,377.91
-14,377.91
1,715.13
Total Non-Cash Transfer In
1,715.13
PAGE 32
REPORT OF NON-CASH ENTRIES PAGE 33
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
Receipt of an Asset
DREYFUS APPRECIATION FUND
04/25/01 251.852 UNITS
RECEIVED FROM FIRST UNION
NATIONAL BANK
7,385.31
04/25/01
16.69 UNITS
RECEIVED FROM FIRST UNION
NATIONAL BANK
497.34
MAS FDS VALUE FUND
12/27/00 975.273 UNITS
MORGAN STANLEY FUNDS INSTITUTIONAL VALUE
03/01/02 828. 596 UNITS
NAME CHANGE FROM MAF VALUE
FUND
ON 11/30/01
14,904.33
12,662.78
PIMCO MULTI MANAGER SER GROWTH INSTL FD
02/06/01 891.086 UNITS
RECEIVED FROM FIRST UNION
NATIONAL BANK
20,324.26
05/17/01 323.256 UNITS
PIMCO FDS PAC INVT MGMT SER TOTAL RET
12/19/00 3019.607 UNITS
RECEIVED FROM FIRST UNION
NATIONAL BANK
7,835.74
30,254.53
T ROWE PRICE INTERNATIONAL STOCK
FUND
03/15/01 1247. 812 UNITS
RECEIVED FROM FIRST UNION
NATIONAL BANK
19,917.38
ROYCE PREMIER FUND
02/16/01 957.656 UNITS
RECEIVED FROM FIRST UNION
NATIONAL BANK
8,369.84
PAGE 33
REPORT OF NON-CASH ENTRIES
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 11/17/00 TO 01/31/03
04/27/01
130.077 UNITS
RECEIVED FROM FIRST UNION
NATIONAL BANK
1,216.25
SCUDDER INTL FUND
02/12/01 331.493 UNITS
RECEIVED FROM FIRST UNION
NATIONAL BANK
16,968.20
03/14/01
26.498 UNITS
RECEIVED FROM FIRST UNION
NATIONAL BANK
1,502.69
VANGUARD US GROWTH PORTFOLIO FUND #23
12/14/00 285.656 UNITS
RECEIVED FROM FIRST UNION
NATIONAL BANK
7,908.25
VANGUARD TOTAL BOND MARKET FUND #84
12/11/00 3131.789 UNITS
RECEIVED FROM FIRST UNION
NATIONAL BANK
31,061.27
VANGUARD WINDSOR II GROWTH FUND #73
12/12/00 515.189 UNITS
RECEIVED FROM FIRST UNION
NATIONAL BANK
15,033.23
PAGE 34
Total Receipt of an Asset
TOTAL NON-CASH TRANSFER IN
TOTAL NON-CASH INCREASES
195,841.40
197,556.53
197,556.53
PAGE 34
STATEMENT OF PROPOSED DISTRIBUTION
The accountant proposes the following schedule of partial distribution:
TO: LAW FIRM OF GATES, HALBRUNER & HATCH, P.C.
(1)
$5,484.50 for legal fees incurred fi.om January 10, 2002 through and including the
present filing, including the preparation of the First and Partial Account and the
Petition.
PAGE 35
AFFIDAVIT
COMMONWEALTH OF PENNSYLVANIA ·
COUNTY OF CUMBERLAND ·
SS:
I hereby certify that on this 21 st day of March, 2003, before me, the subscriber, a Notary
Public in and for the aforesaid Commonwealth and County, personally appeared the affiant,
SUSAN A. RUSSELL, who acknowledged herself to be the Acting President of
COMMUNITY TRUST COMPANY, Trustee of the JANE W. LONG CHARITABLE
REMAINDER UNITRUST, who being duly sworn according to law, she as such Acting
President, being authorized to do so, deposes and says that, to the best of her knowledge, the
facts averred in the foregoing First and Partial Account are tree and correct and accurately state
all the income, principal, debits and credits which came into her possession as Acting President
of the Trustee of the JANE W. LONG CHARITABLE REMAINDER UNITRUST or into
the possession of any other agent(s) for said Trustee.
The affiant further says that she gave written notice of the foregoing First and Partial
Account to all beneficiaries, remaindermen and other parties interested in the JANE W. LONG
CHARITABLE REMAINDER UNITRUST.
ATTEST:
_~~ic~~this__
Notary Public /
COMMUNITY TRUST COMPANY,
TRUSTEE
day of March, 2003.
My C, ommiss~v .... ~,- ' ...,~. 27, 2006
m
interest i~ the estate as creditor, beoellomry.
IN RE: JANE W. LONG CHARITABLE
REMAINDER UNITRUST
IN THE COURT OF COMMON PLEAS
CUMBERLAND COUNTY,
PENNSYLVANIA
ORPHANS' COURT DIVISION
No.
PETITION
FOR
REFORMATION OF TRUST AGREEMENT
AND NOW, comes Community Trust Company (hereinafter "Petitioner"), by and through
its attorneys, Gates, Halbruner & Hatch, P.C., and respectfully makes the following petition:
1. Petitioner is a Pennsylvania regulated trust company having its principal offices at
3907 Market Street, Camp Hill, Cumberland County, Pennsylvania 17011.
2. Jane W. Long is a single woman, with a principal address of 160 West Park Street,
Carlisle, Cumberland County, Pennsylvania 17013.
3. On November 1, 1996, an inter vivos trust agreement entitled the "Jane W.
Long Charitable Remainder Unitrust" (hereinafter the "Trust") was established by and between Jane
W. Long, as the Donor, and Mentor Trust Company, as Trustee. A copy of the trust agreement is
attached hereto as Exhibit "A" and is incorporated herein by reference.
4. Mentor Trust Company was succeeded in interest by First Union Bank subsequent
to the establishment of the Trust.
5. On August 15, 2000, Jane W. Long, as the Donor, dismissed First Union Bank as
Trustee and appointed Community Trust Company as the successor Trustee. A copy of the
Appointment of Successor Trustee, which appointed Community Trust Company as successor trustee
is attached hereto as Exhibit 'B" and is incorporated herein by reference.
6. Pursuant to Article II of the Trust, Jane W. Long, as the Recipient, is entitled to a
unitrust amount (distribution) during her lifetime, equal to nine percent (9%) of the net fair market
value of the assets of the Trust valued as of the first day of each taxable year of the trust.
7. Pursuant to Article IV of the Trust, The Nature Conservancy (erroneously identified
as "Nature's Conservancy") is the sole charitable remainder beneficiary of the principal of the Trust
following the death of Jane W. Long, as the Recipient.
8. The remainder beneficiary of the Trust is The Nature Conservancy, which is a
charitable organization. The Office of Attorney General for the Commonwealth of Pennsylvania
supervises legal issues for charities under its parens patriae powers. Pa. O.C.R. 5.5; In re Milton
Hershey School Trust, 807 A.2d 324, 326 (Pa. Cmwlth. 2002). Therefore, the Office of Attorney
General is a party to this Petition.
9. Pursuant to Article IX of the Trust, the Trust is irrevocable, but the Trustee may,
acting alone, amend the trust agreement to continue the Trust's qualification as a charitable
remainder unitrust with the meaning of Intemal Revenue Code Section 664(d)(2).
10. Petitioner currently serves as sole Trustee of the Trust.
11. From the date that Community Trust Company became successor trustee, on August
15, 2000, Community Trust Company has delegated, and continues to delegate, the investment
responsibility to Douglas T. Charney, Senior Vice President - Investment Officer, Chamey
Investment Group, now of 700 South 28t~ Street, Harrisburg, Dauphin County, Pennsylvania 17103
2
(hereinafter called "Investment Advisor"). Community Trust Company delegated the investment
responsibility to Douglas T. Chamey at the request of the Donor, Jane W. Long.
12. The Trustee, Community Trust Company, is regulated by the Pennsylvania
Department of Banking. The Department of Banking reviewed this trust account and commented
that the delegation of investment responsibility to the Investment Advisor, Douglas T. Chamey,
might be beyond the scope of the Trustee's authority under the trust agreement and that the liability
for the investments rested on Community Trust Company.
13. Pennsylvania's Prudent Investor Rule (20 Pa. C.S. §7206(a)) provides that a fiduciary
may delegate investment functions that a prudent investor of comparable skills might delegate under
the circumstances.
14. In November 2002, Community Trust Company contacted Jane W. Long and
explained to her that the use of a third-party investment advisor might be outside the scope of
authority of the trust agreement. In its November 6, 2002 letter to Jane W. Long, Community Trust
Company suggested that a petition to reform the trust be filed with the Cumberland County Orphans'
Court to alter the trust language to authorize the appointment of an outside investment advisor.
15. Additional contacts were made in December 2002 with the Donor to resolve this issue
by one of several methods including the Donor's suggestion that Community Trust Company be
removed as Trustee. Donor's goal is to continue to have Douglas T. Chamey as the Investment
Advisor on this account. To date, Donor has not taken action to resolve this matter, nor has Donor
authorized anyone to take the necessary steps to resolve this matter.
16. Petitioner requests the Court to reform the Trust Agreement, inter alia, to provide
3
that the trust investment will be governed by the Prudent Investor Act, and to authorize the
appointment of the trust investment functions to the Investment Advisor, Douglas T. Chamey, Senior
Vice President - Investment Officer, Charney Investment Group.
17. A true and correct copy of the proposed trust reformation is contained in the
"Amendment To The Jane W. Long Charitable Remainder Unitrust Dated November 1, 1996," and
is attached hereto as Exhibit "C" and is incorporated herein by reference, and will be hereinafter
referred to as the "Amendment".
18. Donor has exercised reasonable care, skill and caution in selecting Douglas T.
Chamey as the proposed Investment Advisor and desires to appoint the trust investment functions
to him due to his long-term professional relationship with Jane W. Long, the Donor and lifetime
Recipient, and the greater benefits of client confidence resulting from such relationship, particularly
in these turbulent economic times.
19. Donor has established the scope and specific terms of the appointment as evidenced
by the proposed trust reformation as contained in the "Amendment To The Jane W. Long Charitable
Remainder Unitrust Dated November 1, 1996," attached as Exhibit "C", and the "Appointment of
Investment Advisor" (hereinafter referred to as the "Appointment"), which has been or will be
executed by Jane W. Long (the Donor and lifetime Recipient), Douglas T. Chamey (the proposed
Investment Advisor) and Petitioner (the Trustee). A tree and correct copy of the "Appointment of
Investment Advisor" is attached hereto as Exhibit "D" and is incorporated herein by reference.
20. Petitioner, Donor and the proposed Investment Advisor, Douglas T. Chamey, desire
to separate responsibility for investment decisions and investment performance to correspond with
their respective management of the Trust principal and the proposed date of appointment contained
in the Appointment, such that Trustee will not be responsible for the investment decisions or actions
of the Investment Advisor, the terms of which separation of responsibility are contained in the
Amendment and the Appointment, which have been or will be executed by Jane W. Long (the Donor
and Recipient), Douglas T. Chamey (the Investment Advisor), and Community Trust Company (the
Trustee).
21.
22.
All parties to the Amendment and the Appointment are suijuris.
Petitioner requests that the Amendment and the Appointment be approved to take
effect upon this Court's approval of a First and Partial Account which has been recently filed by
Petitioner for its administration of the Trust through the period ending January 31, 2003.
23. This Court may approve the trust reformation, the Amendment, the Appointment,
and authorize the appointment of Douglas T. Chamey as Investment Advisor pursuant to 20 Pa.
C.S.A. §711(3) and §3323(a).
24. A trust reformation may be approved with the consent of all beneficiaries or a trust
reformation may be first submitted to the Orphans' Court for approval. (Turner Trust, 71 D & C2d
582 (1971)).
25. Petitioner, as the Trustee, desires to obtain this Orphans' Court's approval of the trust
reformation, the Amendment, the Appointment, and authorize the appointment of investment
authority to Douglas T. Chamey.
26. Petitioner is not aware of any other parties whose interests would be prejudiced by
the relief requested herein.
27. The fair market value of the Trust principal was $152,131.42 as of January 31, 2003.
28. The Trust has its situs in Cumberland County, Pennsylvania, wherein the Donor and
the current Trustee are located. 20 Pa. C.S. §724Co)(1)(i).
WHEREFORE, Petitioner respectfully requests that the Court issue a role on all interested
parties, to show cause, within twenty (20) days, why this Petition should not be granted, and to show
cause why the "Delegation Agreement" and the "Release Agreement" attached hereto should not be
approved.
Respectfu~ubmitt. ed,
GATES,iI-IA~BRLrfiqE/R & HATCH, P.C.
Lowell R. Gates, Esquire
Suprex ~e Court I.D. g46779
1013 tumma Road, Suite 100
Lemo' me, PA 17043
(717) 731-9600
(Attomeys for Petitioner)
DATED: March ~/-~, 2003
6
VERIFICATION
The undersigned hereby verifies that the facts averred in the foregoing petition are tree and
correct to the best of her knowledge, information and belief. This verification is made subject to the
penalties of 18 Pa.C.S. §4904 relating to unswom falsification to authorities.
COMMUNITY TRUST COMPANY
SUSAN A. RUSSELL,
ACTING PRESIDENT
Dated: March ,4/ , 2003
EXHIBIT "A"
'JANE W.LONG
CHARITABLE REMAINDER UNITRUST
· On this ~ day of November, 1996, I, lane W. Long, ("THE DONOR") desiring to
estabhsh a charitable remainder unitrust, within the meaning of Revenue Procedure 89-70 and
section 664 (d) (2) of the Internal Revenue Code ("THE CODE") hereby create the Jane W. Long
Charitable' Remainder Unitrust and designate MENTOR TRUST COMPANY, a trust company
authorized to do business in the Commonwealth of Pennsylvania, as the initial Trustee ("THE
TRUSTE~")..
COPY
L ,Funding of Trust.
The Donor transfers to the Trustee the property described in Schedule A, and the Trustee
accepts such property and agrees to hold, manage and distribute such property of the Trust under
the terms set forth in this Trust instrument. '
,,Payment of Unitrust Amount,
A. The Trustee shall pay to Jane W. Long ("THE REC~IENT") in each taxable year
of the Trust during the Recipient's life a unitrust amount equal to nine percent (9%) &the net fair
market value of the assets of the Trust valued as of the first day of each taxable year of the Trust
("THE VALUATION DATE").
B. The unitrust amount shall be paid in lump sum annual amounts, in advance, from
income and, to the ex-tent that income is not sufficient, from principal.
C. Any income of the Trust for a taxable year in excess of the unitrust amount shall be
added to principal.
D. If the net fair market value of the Trust assets is incorrectly determined, 'then
within a reasonable period after the value is finally determined for. Federal tax purposes, the
Trustee shall pay to the Recipient (in the case of an undervaluation) or receive from the Recipient
(in the case of an overvaluation) an amount equal to the difference between the unitrust amoum
properly payable and the unitrust amount actually paid.
.Proration of the Unitrust Amount.
I.f the number of days included in the payment period in any taxable year of the Trust is
less than three hundred six-w_five (365) days, (three hundred sLx-t-y-six (366) days if the taxable
years includes February 29), the unitrust amount payable in such taxable year or years shall be
prorated on a dally basis.
7
IV. Distribution to Charity.
Upon the death of the Recipient, the Trustee shall distn'oute nil of the then'principal and
income of the Trust (other than the amoun~ due Recipient or Recipient's estate, under sections 2
and 3, above) to Nature's Conservancy CCHARITAB!.I~. ORGANIZA~ON").
If the Charitable Orlbanizafion is not an organization described in sections 170 (o), 2055
(a) and 2522 (a) of The Code at the time when any principal or income of the Trust is to be
distributed to it, then the Trustee shall distribute such prindpal or income to such one or more
organizaions descn'bed in section 170 (c), 2055 (a) and 2522 (a) as the Trustee shall select in its
sole discretion.
V. Additionn! Contributions.
If any adcl/tional contributions are made to the Trust after the/nitial contn'bution, the
un/trust amount for the year which the additional contn'bulion is made shall be nine percent (9%)
of the sum of (a) the net fair market value of the Trust assets as of the first day of the taxable year
(excluding the assets so added and any income from, or appreciation on, tach assets) and Co) that
proportion of' the value of the assets so added that was excluded under (a) that the number of
days in the period that besins w/th the date of contnq~ufion and ends with the earlier of the last day
of the taxable year or the Recipient's death bears to the number of days in the period that begins
on the first day of such taxable year and ends with the earl/er of the las~ day in such taxable year
or the Rec/pient~s death. In the case where there is no valuation date after the time of
conhlbut/on, the assets so added shall be valued at the time of contn'bufion.
VI. Prohibited Transactions,
A. The income of the Trust for each taxable year, and the principal of the Trust that
the income is not sufficient, shall be d/str/buted as tach time and in such manner as not to subject
the Trust to tax under section 4942 of The Code. Except for the payment of the un/trust amount
to the Recipient, the Trustee shall not engage in any act o£ self-dealing, as defined in section 4941
(d) of The Code, and shall not make any taxable expenditures, as de.~ued in section 4945 (d) of
The Code. The Trustee shall not make any investments that jeopardize the char/table propose of
the Trust, w/thin the mean/nE of section 4943 and section 4944 of The Code, or retain any excess
bus/ness holdings, w/thin the meaning of section 4943 of The Code.
B. Nothing in this instrument shall be construed to restrict the Trustee from investing
the Trust assets in a manner which would result in the annual realization of a reasonable amount
of the net income or gain from the sole or disposition of Trust assets.
C. If at any time any amounts of net income or principal become distributable to me
while I am under legal disability, or in the reasonable opinion of my Trustee am incapable of
2
properly managing my financial affairs~' the Trustee may make those distribution directly to a duly
appointed guardian of my estate or person, or may otherwise expend the amounts to be
distributed for my benefit in such manner as the Trustee considers reasonably advisable.
D. Except as otherwise provided by law, no interest of mine hereunder shall be
subject to anticipation, to claims for alimony or support, to voluntary transfer without the written
consent of the Trustee, or to involuntary transfer in any event.
Taxable Year.
The taxable year of the Trust shall be the calendar year.
Governing Law.
The operation of the Trust shall be governed by the laws of the Commonwealth of
Pennsylvania. However, the Trustee is prohibited from exercising any power of discretion
granted under said laws that would be inconsistent with the qualification of the Trust under
section 664 (d) (2) or The Code and the corresponding regulations. .
L-X. Limited Po~ver of Amendment.
The Trust is irrevocable. However, the Trustee shall have the power, acting alone, to
amend the Trust in any manner required for the sole purpose of ensuring that the Trust qualifies
and continues to qualify as a charitable remainder un/trust within the meaning of section 664 (d)
(2) of The Code.
X. Investment of Trust Assets.
A. Except as otherwise provided in Section ITl of this instrument, the Trustee shall
have the foregoing powers with respect to the Trust held under this instrument, exercisable in the
discretion of the Trustee:
1. To retain for any period of time without limitation, and without liability for
loss or depreciation in value, any property transferred to the Trustee, including parmership
interests (whether general, special, or limited), even thou~ the Trustee could not properly
purchase the property as a trust investment and though its retention might violate principles of
investment diversification;
2. To sell at public sale, wholly or partly for cash or on credit, contract to sell,
grant or exercise options to buy, convey, transfer, exchange or lease (for a term within or
extending beyond the term of the Trust) any real or personal property of the Trust, and to
partition, dedicate, grant easements ~fi' or over, subdivide, improve, and remodel, repair or raze
improvements on any real properly of the Trust, and in general to deal otherwise with the Trust
property in such manner, for such prices, and on mcr terms and conditions as any individual
might do ~ oUtright owner of the property;
3. To invest in bonds, common or preferred stocks, notes, real estate
mortgages;, common Trust funds, shares of regulated investment companies, currencies,
partnership interests (whether general, special or limited), annuities or other securities or
property, real or personal, domestic or foreign, wi*.hout being limited by any statute or rule of law
governing investments by Trustees;
4. To make allocations, divisions and distributions of Trust property in cash in
kind, or partly in each; to allocate different kinds or disproportionate shares of property or
undivided interests in property among the beneficiaries or separate Trusts; and to determine the
value of any property so allocated, divided or distributed;
5. To exercise in person or by general or limited proxy all voting and other
rights, powers and privileges and to take all steps to realize all benefits with respect to stocks or
other securities; and to enter into or oppose, alone or with others, voting Trusts, mergers,
consolidations, foreclosures, liquidations, reorganizations, or other changes in the financial'
structure of any corporation;
6. To cause any security or other property to be held, without disclosure of
any fiduciary relationship, in the name of the Trustee, in the name of a nominee or in unregistered
form;
7. To pay all expenses incurred in the administration of the Trust, including
reasonable compensation to any Trustee, and to employ or appoint and pay reasonable
compensation to accountants, depositories, investment counsel, attorneys, attorneys-in-fact, and
agents (with or without discretionary powers);
8. To deal with the fiduciary or fiduciaries of any other Trust or estate,' even
though the Trustee is also the fiduciary or one of the fiduciaries of the other Trust or estate;
9. To compromise or abandon any claim in favor of or against the Trust;
10. To execute instruments of any kind, including instruments containin~
covenants and warranties binding upon and creating a charge a~ainst the Trust property an~
containing provisions excluding personal liability.; and ~
11. To perform all other acts necessary for the proper management, investment
and distribution of the Trust property.
4
B. The powers granted in'/his Article shall be in addition to those granted by law and
may be exercised even after termination of this Trust hereunder until actual distribution of all
Trust principal.
C. To the extent that such requirements can legally be waived, no Trustee hereunder
shall ever be required to give bond or security as Trustee, or to qualify before, be appointed by or
account to any court, or to obtain the order or approval of any court with respect to the exercise
of any power or discretion granted in this instrument.
D. ' 'The Trustee's exercise or nonexercise of powers and discretions in good faith shall
be conclusive on all persons. No person paying money or delivering property to the Trustee
hereunder shall be required or privileged to see to its application. The certificate of the Trustee
that the Trustee is acting according to this instrument shall fully protect all persons dealing with a
Trustee. '
E. I direct that, irrespective of any tax apportionment statute or similar rule of law of
any jurisdiction otherwise applicable, under no circumstances shall any estate, inheritance or other
death taxes imposed under the laws of any jurisdiction be paid or provided for out of or be
recoverable from the Trust principal.
F. Nothing in this Trust instrument shall be construed to restrict the Trustee from'
investing the Trust assets in a manner that could result in the annual realization of a reasonable
amount of income or gain from the sale or disposition of Trust assets.
XI. S_uccessor Trustee.
A. Any Trustee may resign at any time durin~ my lifetime by ~ving prior written
notice to me. -
B. Except as otherwise provided in Paragraphs D and E of this Article, if Mentor
Trust Company ceases to act as Trustee hereunder for any reason, or if any successor TrUstee
appointed as hereinat~er provided ceases to act as Trustee hereunder for any reason, the person or
persons indicated in Para~aph F of this Article shall, by written instrument, appoint any person,
or any bank or Trust company, within or outside the Commonwealth of Pennsylvania, as
successor Trustee.
C. The person or persons indicated in Paragraph F of this Article may at any time, by
written instrument, approve the accounts of the Trustee with the same effect as if the accoums
had be approved by a court having jurisdiction of the subject matter and of all necessary parries.
D. If any corporate Trustee designated to act or at any time acting hereunder is
merged with or transfers substantially all of its assets to another corporation, or is in any other
manner reorganized or reincorporated, the resulting or transferee corporation shall become
Trustee in place of its corporate predecessor.
E. As often as the Trustee shall deem such action to be advantageous to the Trusts or
to any beneficiary, the Trustee may, by written instrument, resign and appoint as substitute
Trustee with respect to all or any part of the Trust Principal, including property as tO which the
Trustee cannot act, any person, or any bank or Trust company, within or outside the
Commonwealth of Pennsylvania. The substitute Trustee shall have all of the rifle, powers and
discretion °of the original Trustee, but shall exercise the same under the supervision of the
resio°ning Trustee, who shall act as adviser to the substitute Trustee. The adviser may at any time
remove the substitute Trustee by written instrument delivered to the substitute Trustee. Upon the
removal or r~ignation of the substitute Trustee, the adviser may resume the office of Trustee or
may continue to act as adviser and appoint another substitute Trustee. Any adviser may receive
reasonable compensation for services as adviser.
F. The Donor reserves the right to dismiss the Trustee and to appoint a successor
Trustee. A successor Trustee may be appointed pursuant to Paragraph B of this Article and the
accounts of the Trustee may be approved pursuant to Paragraph C of this article by me. If I am
then under legal disability, the instrument of appointment or approval may be signed
(either/jointly) by the duly appointed guardian of my estate.
G. The incumbent Trustee shall have all of the title, powers and discretion granted tc~
the original Trustee, without court order or act of transfer. No successor Trustee shall be
personally liable for any act or failure to act of a predecessor Trustee. With the approval of the
person or persons indicated in Paragraph F of this Article who may approve the accounts of the
Trustee, a successor Trustee may accept the account furnished, if any, and the property delivered
by or for a predecessor Trustee without liability for so doing, and such acceptance shall be a full
and complete discharge to the predecessor Trustee.
hands and
seals the day and year fa-st above written.
WITNESS WF~.~OF, intending to be legally bound hereby, the Parties set their
fe ~'. Long
: SS.
COt'VhMONNVEALTH OF PENNSYLVANq_4
COUNTY OF DAUPI-IhN
On this the ] day of November, 1996, before me the undersigned officer, personally
appeared .lane W. Long, known to me, (or satisfactorily proven) to be the person whose name is
subscribed to the within instrument, and acknowledge that she executed the same for the purpose
therein contained.
IN Wi..q2gESS WEEEREOF, I hereunto set,my hand and official seal.
My commission expimq_ ,
· [ : / .,emmission ~:xp~res May 2 1 .~*8 Notary Public
~;~:r,~r,, P .en?wtyma_ ' ,~q.md~on of No ~mes
written.This Trust createct oy the forgoing instrument is accepted as of the day and year last above
Attest:
TRUSTEE:
MENTOR TRUST CO1V~AlXTY
By:
By:
On this, the
appeared
the purposes therein
day of November, 1996, before me, the undersigned officer, personally
_, who acknowledged himself to be th~
of Mentor Trust Company, a corporation, and that 'he as such
, being authorized to do so, executed the foregoing instrument for
contained by si=re'ting the name of the corporation by himself as
IN WITNESS WttEREOF, I hereunto set my hand and official seal.
My commission expires:
Notary Public
~CHEDULE OF PROPERTY
This schedule is attached to arid forms part of that certain Trust Agreement executed by
Jane W. Long on November 1, 1996, and known as the Jane W. Long Charitable Remainder
Unitrust Agreement Dated November 1, 1996, and identifies the initial trust property held
subject to the'trust thereunder.
Name of Stock No. of Shares
1. ~ 127
2. Computer Associates 1525
3. -Trinity Industries
Value of Stock
EXHIBIT "B"
IN RE: JANE W. LONG CHARITABLE
REMAINDER UNITRUST DATED NOVEMBER 1, 1996
APPOINTMENT OF SUCCESSOR TRUSTEE
THIS APPOINTMENT OF SUCCESSOR TRUSTEE is executed in triplicate on this
I~t~' day of August, 2000, by and between JANE W. LONG, now of Cumberland County,
Pennsylvania, and COMMUNITY TRUST COMPANY, a Pennsylvania Trust Company with its
principal offices at 3907 Market Street, Camp Hill, Pennsylvania 17011.
WHEREAS, the JANE W. LONG CHARITABLE REMAINDER UNITRUST DATED
NOVEMBER 1, 1996 (herein called the "Trust") was executed by and between JANE W. LONG,
as the Donor, and MENTOR TRUST COMPANY, as Trustee;
WHEREAS, MENTOR TRUST COMPANY was succeeded in interest by FIRST UNION
BANK following the execution of the Trust;
WHEREAS, JANE W. LONG reserved the fight under the Trust to dismiss the Trustee
and to appoint a successor Trustee under paragraph XI.(F);
WHEREAS, JANE W. LONG desires to dismiss FIRST UNION BANK, successor in
interest to MENTOR TRUST COMPANY, as Trustee of the Trust;
WHEREAS, JANE W. LONG desires to appoint COMMUNITY TRUST COMPANY
as successor trustee with all the duties and powers, including discretionary powers, granted under the
Trust or by law; and,
WHEREAS, COMMUNITY TRUST COMPANY, desires to accept such appointment
as Successor Trustee;
NOW, THEREFORE, KNOW ALL MEN BY THESE PRESENTS that JANE W.
LONG, hereby appoints COMMUNITY TRUST COMPANY as successor trustee of the Trust
to serve with all the duties and powers, including discretionary powers, granted under the Trust or
by law. COMMUNITY TRUST COMPANY hereby accepts the irrevocable transfer, assignment
and delivery to it and its successors and assigns of the Trust assets listed on Schedule A, attached
hereto and made a part hereof, and undertakes to hold, manage, invest and reinvest such assets, and
to distribute the income and principal of the Trust, in accordance with the provisions of the Trust.
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals the
day and year first written above.
WITNESS:
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF
(SEAL)
SS:
On this, the /5d- day of August, 2000, before me, a Notary Public, the undersigned officer,
personally appeared JANE W. LONG, 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.
IN WITNESS WHEREOF, I have set my hand and official Seal.
Nohry
My Commission Expires:
The fore. going instrument was delivered and is hereby accepted at Camp Hill, Pennsylvania,
on August /,~-, -000.
ATTEST:
COMMUNITY TRUST COMPANY
SENIOR VICE-PRESIDENT AND
TRUST MANAGER
SCHEDULE "A"
SCHEDULE
REFERRED TO IN THE ANNEXED
ASSETS RECEIVED BY
COMMUNITY TRUST COMPANY,
AS SUCCESSOR TRUSTEE
property Description:
EXHIBIT "C"
AMENDMENT TO
THE
JANE W. LONG
CHARITABLE REMAINDER UNITRUST
DATED NOVEMBER 1, 1996
THIS AMENDMENT TO TRUST is executed in triplicate on this __ day of
., 2003, by and between JANE W. LONG, now of 160 West Park Street,
Carlisle, Cumberland County, Pennsylvania 17013 (herein called "Donor") and COMMUNITY
TRUST COMPANY, now of 3907 Market Street, Camp Hill, Cumberland County,
Pennsylvania 17011 (herein called "Trustee").
Background:
On November 1, 1996, the Trust was established by an inter vivos trust agreement
by and between Jane W. Long, as Donor, and Mentor Trust Company, as Trustee;
Mentor Trust Company was succeeded in interest by First Union Bank subsequent
to the establishment of the Trust;
o
On August 15, 2000, Jane W. Long, as Donor, dismissed First Union Bank as
Trustee and appointed Community Trust Company as the successor Trustee;
Jane W. Long is the sole beneficiary ("the Recipient") of the Trust during her
lifetime;
o
The Nature Conservancy (erroneously identified as "Nature's Conservancy" in
Article IV of the Trust) is the sole charitable remainder beneficiary of the
principal of the Trust following the death of Jane W. Long;
6. The Trust is irrevocable;
7. Community Trust Company currently serves as sole Trustee of the Trust; and,
o
The Donor desires to amend and reform the trust agreement to permit Donor to
self-direct the investments and to permit Donor to employ independent investment
advisors.
NOW, THEREFORE, the parties hereto, in consideration of the mutual covenants
herein stated, agree as follows:
1. Article X of the Trust is hereby deleted in its entirety and a new Article X is
hereby inserted to read as follows:
ARTICLE X.
POWERS OF TRUSTEE
(1) Management of the Trust.
(1) Donor's power to direct investments. Donor shall have the power in a
fiduciary capacity to direct the Trustee to purchase, sell, exchange, or otherwise acquire or
dispose of assets. In the case of a variable life insurance or annuity policy, Donor shall have the
power in a fiduciary capacity to direct the investment of the cash value of the policy among the
investment fund options provided in the policy.
During the Donor's lifetime, the Trustee shall not exercise any of the Trustee's powers
over these matters without receiving written directions from the Donor. Notwithstanding the
Donor's authority or the Trustee's limitations, contained in this section, if the Trustee, in the
exercise of its fiduciary duties, is required (1) to make a discretionary or non-discretionary
distribution to a trust beneficiary, including the Recipient; (2) to pay tmstee's fees; (3) to pay any
taxes relating to the trust; or, (4) to pay any other costs or disbursements relating to the trust; the
Trustee shall provide the Donor written notice of such anticipated payment and an estimate of the
liquidity requirements to make such anticipated payment, and the Donor shall have fifteen (15)
calendar days (from the mailing of the notice) to advise the Trustee which trust assets to liquidate
in order to make the payment and meet the liquidity requirements. If the Donor does not provide
the advice to the Trustee within the fifteen (15) day period, then the Trustee is authorized to
liquidate those trust assets which the Trustee deems appropriate to meet the liquidity
requirements based on the Prudent Investor Rule contained in Article X, Section (A)(2), below.
During the Donor's lifetime and unless the foregoing powers have been relinquished, the
Trustee shall have no duty to review investments or to suggest investments and shall not be liable
to any beneficiary (including the Recipient) of this trust, or any heir of the Donor, or any
Charitable Organization of this Trust, for losses resulting from such investments or from failure
to make investments while the Donor retains these powers. Donor, unless having relinquished
this duty in writing, retains the obligation to review investments or make investment suggestions.
Donor may release her power to control trust investments by written instrument delivered
to the Trustee and may reassume the power at any time by written instrument delivered to the
Trustee. If the Trustee receives certificates of two state licensed physicians that Donor cannot
exercise any of these powers, Donor shall be deemed to have released the powers and the Trustee
2
shall have full power to take any such action, subject to the terms and conditions of the Prudent
Investor Rule. Donor shall be deemed to have reassumed the powers if the Trustee receives
certificates from two state licensed physicians that Donor has recovered the ability to exercise the
powers.
Donor acting under this clause shall be deemed to have waived the doctor-patient
privilege to the extent necessary to implement this clause. Failure of physician to comply with
the Trustee in requests for information shall be deemed to be a release of the Donor's retained
authority to review accounts and make investment suggestion until such time as the physician
complies. Any person may transact business with the Trustee without inquiring whether the
Donor has directed the action and without inquiring whether the Donor has relinquished or
become unable to exercise the power.
(2) Incorporation of Prudent Investor Rule. If Donor has released her
power to control trust investments in accordance Article X, Section (A)(1), above, and unless
otherwise directed herein, the Trustee shall be subject to thc Prudent Investor Rule (the "PIR") as
adopted by thc Commonwealth of Pennsylvania at 20 Pa. C.S.A. §7201 et. seq., as hereby
enacted or subsequently amended and as set forth in this Article X, Section (A)(2), to manage
and invest the assets of thc trust.
The Donor desires that the Trustee, consistent with the standards of the PIR, continuously
assess the appropriate investment risk tolerance of the trust beneficiaries, and then invest the trust
assets consistent with the purposes, terms, and other circumstances of the Trust and shall pursue
an overall investment strategy reasonably suited to the Trust and the expressed intent of the
Donor.
The Donor believes, consistent with modem portfolio theory, that the trust total
investment return will be determined primarily by the trust's asset allocation; not market timing
or active management in security selection. The Donor believes that the trust should diversify its
investments with regard to asset classes and individual securities to avoid uncompensated risk.
The Donor does not intend to prohibit the Trustee from engaging in active management
of trust assets where the Trustee reasonably believes active management can aid in achieving the
desired balance between risk and return and the intent of the Trust.
(3) Employment of and Delegation to Investment Agent. The Trustee may
retain any professional investment counsel of the Trustee's choice or delegate investment
responsibilities to any professional investment agent for any reason and regardless of the
Trustee's own skills concerning investments; provided, however, a counsel so selected shall be
either registered as an investment adviser with the U.S. Securities and Exchange Commission or
a state chartered or national bank or trust company with fiduciary powers. If investment counsel
is retained, the Trustee shall abide by the counsel's decision but shall not be held liable or
otherwise surcharged for losses directly attributable to investments made on the investment
3
counsel's advise. While the Trustee retains investment counsel, the Trustee shall not be required
to review trust investments or take action on trust investments unless the Trustee receives written
instructions from investment counsel. The Trustee may, but shall not be required to demand a
bond from any professional investment counsel or agent.
The Trustee shall have the power exercisable in the Trustee's discretion to discharge such
investment counsel and to employ other counsel or to administer the trust without such counsel.
Consistent with the standards of the PIR, the Trustee shall have the responsibility to prudently
select any investment counsel, to periodically review the performance of any investment counsel
and to take appropriate action if apprized of facts clearly indicating that counsel is not
performing competently. Furthermore, the Trustee shall not be held liable for any actions of the
professional investment counsel or agent provided that the Trustee has exercised reasonable care
in selecting such agent or counsel and has established a specific scope and term of delegation or
responsibility for such professional counsel or agent.
(4) Nonliability of Donor for Directed Investments. The Donor shall not be
liable to any beneficiary or to any heir for the Donor's acts or failure to act, except for willful
misconduct or gross negligence, in directing the investments of the trust.
(5) Termination of Directed Investments. Upon the death of the Donor, the
Trustee shall assume responsibility of investment management.
(B) General Powers. In addition to such other powers and duties as may have been
granted elsewhere in this Trust, but subject to any limitations contained elsewhere in this Trust,
the Trustee shall have the following powers and duties:
(1) In the management, care and disposition of this Trust, the Trustee shall
have the power to do all things and to execute such deeds, mortgages, instruments, and
documents as may be deemed necessary and proper, including the following powers, all of which
may be exercised without order of or report to any court:
(a) To sell, exchange, or otherwise dispose of any property, real,
personal or mixed, at any time held or acquired hereunder, at public or private
sale, for cash or on terms, without advertisement, including the right to lease for
any term notwithstanding the period of the Trust, and to grant options, including
an option for a period beyond the duration of the Trust; and to execute such deeds
or other instruments as are necessary.
(b) To invest and reinvest all or any part of the Trust Estate in any
common or preferred stocks, shares of investment trusts and investment
companies, bonds, debentures, mortgages, deeds of trust, mortgage participations,
notes, real estate, or other property the Trustee, in the Trustee's discretion, selects;
4
provided that the Trustee may not invest in any stock or securities issued by the
corporate Trustee or issued by a parent or affiliate company of such Trustee; in the
manner that, under the circumstances then prevailing (specifically including, but
not limited to, the general economic conditions and the anticipated needs of the
Trust and its beneficiaries), persons of skill, prudence, and diligence, acting in a
similar capacity and familiar with those matters would use in the conduct of an
enterprise of similar character and similar aims, to attain the Settlor's goals under
this trust agreement.
hereunder.
To retain for investment any property deposited with the Trustee
(d) To vote in person or by proxy any corporate stock or other security
and to agree to or take any other action in regard to any reorganization, merger,
consolidation, liquidation, bankruptcy or other procedure or proceedings affecting
any stock, bond, note or other security held by this Trust.
(e) To use lawyers, real estate brokers, accountants and other agents, if
such employment is deemed necessary or desirable, and to pay reasonable
compensation for their services.
(f) To compromise, settle or adjust any claim or demand by or against
the Trust and to agree to any rescission or modification of any contract or
agreement affecting the Trust.
(g) To renew any indebtedness, as well as to borrow money, and to
secure the same by mortgaging, pledging or conveying any property of the Trust,
including the power to borrow from the Trustee (in the Trustee's individual
capacity) at a reasonable rate of interest.
(h) To retain any business interest transferred to the trustee, as
shareholder, security holder, creditor, partner or otherwise, for any period of time
whatsoever, even though the interest may constitute all or a large portion of the
trust principal; to comply with the provisions of any agreement restricting transfer
of the interest; to participate in the conduct of the related business or rely upon
others to do so, and to take or delegate to others discretionary power to take any
action with respect to its management and affairs which an individual could take
as outright owner of the business or the business interest, including the voting of
stock (by separate trust or otherwise regardless of whether that separate trust will
extend for a term within or beyond the term of the trust) and the determination of
all questions of policy; to execute and amend partnership agreements; to
participate in any incorporation, reorganization, merger, consolidation, sale of
assets, recapitalization, liquidation or dissolution of the business, or any change in
its nature, or in any buy-sell, stock restriction, or stock redemption agreements; to
invest in additional stock or securities of, or make secured, unsecured, or
subordinated loans to, the business with trust funds; to take all appropriate actions
to prevent identify, or respond to actual or threatened violations of any
environmental law or regulation thereunder; to elect or employ with
compensation, as directors, officers, employees, or agents of the business, any
persons, including a trustee of any trust held under this instrument, or any director,
officer, employee, or agent of a corporate trustee of any trust held under this
instrument, without adversely affecting the compensation to which that trustee
would otherwise be entitled; to rely upon reports of certified public accountants as
to the operations and financial condition of the business, without independent
investigation; to deal with and act for the business in any capacity (including in
the case of a corporate trustee any banking or trust capacity and the loaning of
money out of the trustee's own funds) and to be compensated therefor; and to sell
or liquidate the business or any interest in the business.
(i) To register any stock, bond or other security in the name of a
nominee, without the addition of words indicating that such security is held in a
fiduciary capacity, but accurate records shall be maintained showing that the
stock, bond or other security is a trust asset and the Trustee shall be responsible
for the acts of the nominee.
0) To set aside as a separate trust, to be held and administered upon
the same terms as those governing the remaining trust property, any interests in
property, for any reason, including but not limited to a concern that such property
could cause potential liability under any federal, state, or local environmental law.
(2) If at any time the total fair market value of the assets of any trust
established or to be established hereunder is so small that the Trustee's annual fee for
administering the trust would be equal to or less than the minimum annual fee set forth in the
Trustee's regularly published fee schedule then, in effect, the Trustee in its discretion shall be
authorized to terminate such trust or to decide not to establish such trust, and in such event the
property then held in or to be distributed to such trust shall be distributed to the persons who are
then or would be entitled to the principal and/or income of such trust. If the amount of principal
and/or income to be received by such persons is to be determined in the discretion of the Trustee,
then the Trustee shall distribute the property among such of the persons to whom the Trustee is
authorized to distribute principal and/or income, and in such proportions, as the Trustee in its
discretion shall determine.
(3) The Trustee shall have discretion to determine whether items should be
charged or credited to income or principal or allocated between income and principal as Trustee
may deem equitable and fair under all the circumstances, including the power to amortize or fail
to amortize any part or all of any premium or discount, to treat any part or all of the profit
6
resulting from the maturity or sale of any asset, whether purchased at a premium or at a discount,
as income or principal or apportion the same between income and principal, to apportion the
sales price of any asset between income and principal, to treat any dividend or other distribution
on any investment as income or principal or to apportion the same between income and principal,
to charge any expense against income or principal or apportion the same, and to provide or fail to
provide a reasonable reserve against depreciation or obsolescence on any asset subject to
depreciation or obsolescence, all as the Trustee may reasonably deem equitable and just under all
of the circumstances.
(C) Voting by Trustees. When the authority and power under this Trust is vested in
two (2) or more Trustees or Co-Trustees, the authority and powers are to be held jointly by the
Trustees or Co-Trustees.
(D) Trustee Power to Deal with Environmental Hazards. The Trustee shall have
the power to use and expend the trust income and principal to (i) conduct environmental
assessments, audits, and site monitoring to determine compliance with any environmental law or
regulation thereunder; (ii) take all appropriate remedial action to contain, clean up or remove any
environmental hazard including a spill, release, discharge or contamination, either on its own
accord or in response to an actual or threatened violation of any environmental law or regulation
thereunder; (iii) institute legal proceedings concerning environmental hazards or contest or settle
legal proceedings brought by any local, state, or federal agency concerned with environmental
compliance, or by a private litigant; (iv) comply with any local, state or federal agency order or
court order directing an assessment, abatement or cleanup of any environmental hazards; and (v)
employ agents, consultants and legal counsel to assist or perform the above undertakings or
actions. Any expenses incurred by the trustee under this paragraph may be charged against
income or principal as the trustee shall determine.
2. In all other regards, the Trust referenced above shall remain in full force and effect
and is not amended unless specifically provided herein.
IN WITNESS WHEREOF, the Donor and Trustee have hereunto set their hands and
seals as of the day and year first above written.
WITNESS:
JANE W. LONG, DONOR
(SEAL)
COMMONWEALTH OF PENNSYLVANIA :
: SS:
COUNTY OF CUMBERLAND :
On this, the __ day of ., 2003, before me, a Notary Public, the
undersigned officer, personally appeared JANE W. LONG, known to me (or satisfactorily
proven) to be the person whose name is subscribed to the within Amendment to Trust, and
acknowledged that she executed the same for the purposes therein contained.
IN WITNESS WHEREOF, I have set my hand and official seal.
Notary Public
My Commission Expires:
The foregoing Amendment to Trust was delivered, and is hereby accepted, at Camp Hill,
Pennsylvania, on ., 2003.
ATTEST:
COMMUNITY TRUST COMPANY,
TRUSTEE
.(SEAL)
Susan A. Russell, Vice President and
Trust Officer
8
EXHIBIT "D"
THE
JANE W. LONG
CHARITABLE REMAINDER
UNITRUST
DATED NOVEMBER 1, 1996
(as amended)
APPOINTMENT
OF
INVESTMENT ADVISOR
This Agreement is signed and executed this __ day of ,2003, by and
among COMMUNITY TRUST COMPANY, a Pennsylvania regulated trust company, of 3907
Market Street, Camp Hill, Cumberland County, Pennsylvania 17011 (hereinafter called "Trustee"),
JANE W. LONG, of 160 West Park Street, Carlisle, Cumberland County, Pennsylvania 17013
(hereinafter called "Donor"), and DOUGLAS T. CHARNEY, Senior Vice President - Investment
Officer, Chamey Investment Group, now of 700 South 28th Street, Harrisburg, Dauphin County,
Pennsylvania 17103 (hereinafter called "Investment Advisor"), and is created under the authority
contained in THE JANE W. LONG CHARITABLE REMAINDER UNITRUST, dated
November 1, 1996 (hereinafter called the "Trust" or the "Trust Agreement").
(1) Under Article X of the Trust Agreement, entitled "Powers of Trustee," paragraph
(A)(1) "Donor's power to direct investments," Donor has the power in a fiduciary capacity to direct
the Trustee to purchase, sell, exchange, or otherwise acquire or dispose of assets. In the case of a
variable life insurance or annuity policy, Donor has the power in a fiduciary capacity to direct the
investment of the cash value of the policy among the investment fund options provided in the policy.
(2) Pursuant to the above-described authority, Donor designates, appoints and retains
DOUGLAS T. CHARNEY, in his individual capacity, now of 700 South 28th Street, Harrisburg,
Dauphin County, Pennsylvania 17103, as the "Investment Advisor" for the Trust.
(3) Donor understands that she is making this investment direction in a fiduciary
capacity, and understands the fiduciary responsibility and liability related thereto.
(4) Donor understands that Investment Advisor may derive a fee for the investment
advisory services provided to the Trust. Donor understands that Investment Advisor may derive a
commission from the sale of securities and/or investment products to, and on behalf of, the Trust.
The fees and commissions will be paid, either directly or indirectly, from the Trust by the Trustee
to Investment Advisor.
(5) This Investment Direction may be changed, amended or terminated by Donor at any
time by thirty (30) days advance written notice given to the Investment Advisor. As to the Trustee,
the investment direction change, amendment or termination will become effective with advance
written notice given to, and signed by, the Trustee.
Appointment of Investment Advisor - (continued)
Page -2-
(6) If, prior to the time Donor changes, amends or provides additional Investment
Direction, the Trustee receives income or principal from any source, the Trustee is authorized to
invest the funds in a money market-type account at the Trustee's discretion, including an account
from which the Trustee may derive a SEC Section 12(b)-I and/or sweep fee.
(7) All trust assets, including real and personal property, and tangible and intangible
property, will be held in the custody of the Trustee. Trustee agrees to use its best efforts to execute
any and all investment directions given to it in writing by the Investment Advisor, provided that
Trustee will not be liable to Donor and/or the trust beneficiaries if the investments can not be
executed for any reason.
(8) Unless otherwise directed in this Agreement and the Trust Agreement, the Investment
Advisor shall be subject to the Prudent Investor Rule (the "PIR") as adopted by the Commonwealth
of Pennsylvania at 20 Pa.C.S.A. §7201 et. seq., as enacted or subsequently amended, to manage and
invest the assets of the trust.
(9) The Donor directs that the Investment Advisor, in managing and investing the assets
of the trust estate, establish, in writing, an appropriate investment policy statement. The investment
policy statement shall be reviewed and updated at least annually.
(10) Except as otherwise provided in this Agreement, the duties and responsibilities of the
Donor, the Investment Advisor and the Trustee will be controlled by the terms of the Trust as more
fully described in the Trust Agreement.
DONOR (Fiduciary)
INVESTMENT ADVISOR
JANE W. LONG
(date) DOUGLAS T. CHARNEY (date)
COMMUNITY TRUST COMPANY, TRUSTEE
SUSAN A. RUSSELL,
Vice President and Trust Officer
(date)
CERTIFICATE OF SERVICE
I, Lowell R. Gates, Esquire, of the law firm of Gates, Halbmner & Hatch, P.C., hereby
certify that I served a tree and correct copy of the foregoing Petition, including all Exhibits, by
Certified United States mail, return receipt requested, postage prepaid, to the following
individuals or institutions:
Jane W. Long
160 West Part Street
Carlisle, PA 17013
The Nature Conservancy
4245 North Fairview Drive, Suite 100
Arlington, VA 22203-1606
Douglas T. Chamey
Charney Investment Group
700 South 28th Street
Harrisburg, PA 17103
Office of the Attomey General
Commonwealth of Pennsylvania
Charitable Trusts and Organizations Section
14th Floor, Strawberry Square
Harrisburg, PA 17120
GAT!
Lowel
Suprc~
1013
~BRIgNER & HATCH, P.C.
R. Gates, Esquire
le Court I.D.//46779
umma Road, Suite 100
Lemoyne, PA 17043
(717) 731-9600
(Attorneys for Petitioner)
Date: March _~ , 2003
ORPHANS' COURT DIVISION
pETITION FOR
REFORMATION OF
TRUST AGREEMENT
JANE W. LONG CHARITABLE
REMAINDER UNITRUST
LAW OFFICES OF
G~HALBRUNER '&-HATCH, P.C.
1013 MUMMA ROAD, SUITE 100, LEMOYNE, PENNSYLVANIA 17043
IN RE: JANE W. LONG CHARITABLE
REMAINDER UNITRUST
IN THE COURT OF COMMON PLEAS
ORPHANS' COURT DIVISION
CUMBERLAND COUNTY, PENNSYLVANIA
NO. 21-2003-0251
CITATION
WE COMMAND, you that laying aside all business and excuses whatsoever, you be and appear in your
proper person before the Honorable Judges of the Court of Common Pleas, Orphans' Court Division at a
session of the said Court there to be held, for the County of Cumberland to show cause why the Petition
should not be granted, and the "Amendment to the Jane W. Long Charitable Remainder Unitrust, dated
November 1, 1996" and the "Appointment of Investment Advisor" referenced in the Petition should not be
approved.
This citation shall be returnable within twenty (20) days after service.
Witness my hand an official seal of office at Carlisle, Pennsylvania, this 2nd day of April, 2003.
Clerk, Orphans' Court Division
Cumberland County, Carlisle, PA
My Commission Expires on the 1st Monday
January, 2006
IN RE: JANE W. LONG CHARITABLE
REMAINDER UNITRUST
IN THE COURT OF COMMON PLEAS
CUMBERLAND COUNTY,
PENNSYLVANIA
ORPHANS' COURT DIVISION
PRELIMINARY DECREE
]/'t~'- day of~ ,2003, upon consideration of the
Lowell R. Gates, Esquire
Gates, Halbruner & Hatch, P.C.
1013 Mumma Road, Suite 100
Lemoyne, PA 17043
(717) 731-9600
(Attorneys for Community Trust Company)
AND NOW, this
foregoing Petition For Reformation of Trust Agreement, a citation is hereby issued upon the
following: (1) Jane W. Long, as Donor and Recipient; (2) The Nature Conservancy, as sole
charitable remainder beneficiary; (3) the Office of Attorney General for the Commonwealth of
Pennsylvania, under itsparenspatriae powers; and (4) Douglas T. Chamey, as proposed Investment
Advisor, to show cause why the Petition should not be granted, and the "Amendment to the Jane
W. Long Charitable Remainder Unitrust, dated November 1, 1996" and the "Appointment of
Investment Advisor" referenced in the Petition should not be approved.
This citation shall be returnable within twenty (20) days after service.
F(
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY,
PENNSYLVANIA - ORPHANS' COURT DIVISION
IN RE: JANE W. LONG CHARITABLE
REMAINDER UNITRUST
21-2003-0251
COMMONWEALTH'S OBJECTIONS TO THE PETITION FOR
REFORMATION OF TRUST AGREEMENT
AND NOW comes the Commonwealth of Pennsylvania, by its Attorney General, D.
Michael Fisher, acting in his capacity as parens patriae, and makes the following objections to
Petitioner's request to reform the Trust Agreement as proposed:
e
o
I.Lifetime Beneficiary as Trustee
The "Donor," who is also the lifetime beneficiary of this Trust, proposes to have powers
inserted that would effectively make her a trustee or fiduciary of some sort.
In that regard, the Proposed Amendment states in the second paragraph of Article X
(1)(1), "During the Donor's lifetime, the Trustee shall not exercise any of the Trustee's
powers over these matters without receiving written directions from the Donor .... "After
such language the agreement provides four administrative examples of when the Trustee
can act without the Donor's written directions.
Such control over the Trust elevates the Donor to the level of a fiduciary.
The authority that inures to the Donor obviously would include investment authority.
Section 7206 of the Probates Estates & Fiduciaries Code provides for delegation of
investment .authority and states:
A fiduciary shall not be responsible for the investment decisions or actions of the
investment agent to which the investment functions are delegated if the fiduciary
exercises reasonable care, skill and caution in selecting the investment agent, in
establishing the scope and specific terms of the delegation and in reviewing
periodically the investment agent's actions in order to monitor the investment
agent's performance and compliance with the scope and specific terms of the
delegation.
20 Pa. C.S. §7206(b).
6. The Trustee's amendment proposal clearly contradicts the delegation contemplated by our
General Assembly in that there is no duty of periodic review; nor is their any apparent
duty to exercise reasonable skill in selection of the investment agent.
7. To the extent that the Donor would become a cofiduciary under this proposed amendment
to the Trust, paragraph (e) of §7206 becomes applicable and states:
A cofiduciary may delegate investment and management functions to another
cofiduciary if the delegating cofiduciary reasonably believes that the other
cofiduciary has greater investment skills than the delegating cofiduciary with
respect to those functions. The delegating cofiduciary shall not be responsible for
the investment decisions or actions of the other cofiduciary to which the
investment functions are delegated if the delegating cofiduciary exercises
reasonable care, skill and caution in establishing the scope and specific terms of
the delegation and in reviewing periodically the other cofiduciary's actions in
order to monitor the cofiduciary's performance and compliance with the scope and
specific terms of the delegation.
20 Pa. C.S. §7206(e).
8. The same concerns as a simple delegation, stated supra, arise but the delegation to a
cofiduciary must be made to a cofiduciary of "greater investment skills." Such has not
been and, presumably will not be, pled.
9. To the extent that the Amendment does not provide for the Donor's elevation to the status
of fiduciary, specifically Trustee, and to the extent that this amendment violates §7206,
10.
the Attorney General, as parens patriae and thus as a remainder interest, objects to the
Amendment and does not agree to it.
The Attorney General is cognizant that the Petitioner mentions the planned consultation
of the Chamey Investment Group; however, such pleading does not remedy the
underlying problems with the planned amendment.
11.
12.
13.
14.
II.Nonliability of Donor
Paragraphs 1 through 10 are incorporated as if specifically pled herein.
Despite the aforementioned interest in directing investments and administration of this
Trust, the Donor proposes to limit her liability to the remainder interests.
Specifically, Article X Paragraph (1)(4), on page 4 of the proposed amendment states,
Nonliability of Donor for Directed Investments. The Donor shall not be liable
to any beneficiary or to any heir for the Donor's acts or failure to act, except for
willful misconduct or gross negligence, in directing the investments of the Trust.
The Attorney General objects to any limitation of liability for any fiduciary or any
individual exercising control over this Trust and does not agree to amending the Trust in
this manner.
15.
16.
17.
III.Trustee Immunity
Paragraphs 1 through 14 are incorporated as if specifically pled herein.
The proposed amendment to the Trust Agreement contains several provisions limiting
liability of the Trustee, Community Trust Company.
For example, the third paragraph of Article X (1)(1) states, "During the Donor's lifetime
and unless the foregoing powers have been relinquished, [See Count I of these objections]
18.
19.
20.
21.
22.
23.
24.
the Trustee shall have no duty to review investments or to suggest investments and shall
not be liable to any beneficiary (including the Recipient) of this Trust, or any heir of the
Donor, or any Charitable Organization of this Trust, for losses resulting from such
investments or from failure to make investments while the Donor retains these powers.
Donor, unless having relinquished this duty in writing, retains the obligation to review
investments or make investment suggestions."
Donor's "responsibility" referenced in the final sentence of that paragraph is illusory as
mentioned in Count II of these objections.
More importantly, Trustee is a fiduciary and cannot abrogate its responsibilities to other
individuals or entities, including the beneficiaries of this Trust.
Basic fiduciary concepts and the Prudent Investor Act, 20 Pa. C.S. {}7201 et seq.,
specifically {}7206, require periodic review of the Trust but this proposed amendment
would delete that responsibility.
Community Trust Company is a Trustee not a depository for this Trust, despite the
written direction requirement in the proposed amendment and quoted in Paragraph 2 of
these objections.
The Attorney General does not agree to any limitation on the Trustee's liability for
administration of this Trust and objects to any attempt to impose such limitations.
Further, the Attorney General does not agree with the underlying premise that the Trustee
can necessarily delegate investment and management responsibility to the Donor as
proposed.
For the aforementioned reasons, the Attorney General will not agree to the proposed
amendment and objects to it.
25.
26.
27.
28.
IV.Discretion To Place Items In Principal Or Income
Paragraphs 1 through 24 are incorporated as if specifically pled herein.
On page 6 of the proposed amendment, in the paragraph designated (3), the amendment
states, "The Trustee shall have discretion to determine whether items should be charged
or credited to income or principal or allocated between income and principal as Trustee
may deem equitable and fair under all the circumstances, ...."
Principal and income distinctions are appropriately determined pursuant to the
Pennsylvania Uniform Principal and Income Act, 20 Pa. C.S. § 8101 et seq., and, although
principal and income can be determined differently than the Act if the governing
instrument so provides (20 Pa. C.S. §8103(a)(1)), it is not necessary to do so here.
The Attorney General does not agree to amending this Trust in this manner and objects to
such proposed amendment.
29.
30.
31.
32.
33.
V.Environmental Hazard Paragraph
Paragraphs 1 through 28 are incorporated as if specifically pled herein.
Page 7 of the proposed amendment contains a paragraph designated "(D) Trustee Power
to Deal with Environmental Hazards."
This proposed paragraph would grant the Trustee specific powers to respond to various
environmental issues.
The paragraph is not specifically limited to Trust assets and should be so limited.
Moreover, the paragraph should include a provision specifically recognizing the Trust's
and the beneficiaries rights to seek liability upon the Trustee, and any other person or
34.
35.
entity responsible for investment decisions or actions leading to the need for such
expenditures and that this paragraph will not limit any such rights.
Finally, the paragraph includes language allowing the Trustee to charge such expenses to
principal or income "as the Trustee shall determine." Such expenses should be charged in
a manner consistent with the Principal and Income Act discussed in Count IV, supra.
For the aforementioned reasons, the Attorney General will not agree to such a provision
and objects to its inclusion.
WHEREFORE, the Attorney General requests that this Court disallow the Proposed
Amendments to the Trust.
Respectfully submitted,
D. MICHAEL FISHER
Attorney General
By:
ALEXIS L. BARBIERI
Executive Deputy Attorney General
MICHAEL T. FOERSTER
Deputy Attorney General
Attorney I.D. No. 78766
MARK A. PACELLA
Chief Deputy Attorney General
Charitable Trusts and Organizations Section
14th Floor, Strawberry Square
Harrisburg, PA 17120
(717) 783-2853
Dated: April 21, 2003
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY,
PENNSYLVANIA - ORPHANS' COURT DIVISION
IN RE: JANE W. LONG CHARITABLE
REMAINDER UNITRUST
21-2003-0251
CERTIFICATE OF SERVICE
I, Michael T. Foerster, Deputy Attorney General, Charitable Trusts and Organizations
Section, attorney for the Commonwealth herein, depose and say that I caused to be served a true
and correct copy of the foregoing Commonwealth's Objections To The Petition For
Reformation Of Trust Agreement~by mailing the same first class mail, to those listed below on
the ~ ~ r- day of /]~. ,2003.
Jane W. Long
160 West Park Lane
Carlisle, PA 17013
The Nature Conservancy
4245 North Fairview Drive, Suite 100
Arlington, VA 22203-1606
Douglas T. Chamey
Charney Investment Group
700 South 28th Street
Harrisburg, PA 17103
Lowell R. Gates, Esquire
Gates, Halbruner & Hatch
1013 Mumma Road, Suite 100
Lemoyne, PA 17043
Office of Attorney General
Charitable Trusts and Organizations Section
14th Floor, Strawberry Square
Harrisburg, PA 17120
(717) 783-2853
~IICHAEL T. FOERSTER
Deputy Attorney General
Attorney I.D. No.: 78766
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY,
PENNSYLVANIA - ORPHANS' COURT DIVISION
IN RE: JANE W. LONG CHARITABLE
REMAINDER UNITRUST
21-2003-0251
ORDER
AND NOW this ~~ day of~bl ,2003, it is hereby
noted that the Attorney General has filed Objections to the Petition for Reformation of Trust
Agreement and it is ORDERED that the interested parties will attempt to resolve any differences
regarding the Petition before the Petition will be considered by this Court. The parties will report
to the Court one (1) month after the date of this Order.
MIKE FISHER
ATTORNEY GENERAL
COMMONWEALTH OF PENNSYLVA
OFFICE OF ATTORNEY GENEF
June 26, 2003
George E. Hoffer, President Judge
Cumberland County Courthouse
1 Courthouse Square
Carlisle, PA 17013
Re~
Jane W. Long Charitable Remainder Unitrust
21-2003-0251
Dear Judge Hoffer:
This letter is to comply with your April 28, 2003 Order in the above captioned matter. In that
Order, which followed our entry of objections to a Petition to Amend this trust, you allowed for a
month to work out those objections. Please excuse our delay. Because of things that happened since
the filing of those objections, it is my belief that the Petition is now mooted. I have expressed this
belief to counsel and have heard nothing to contradict it. I hope that this letter will be enough to
close this matter; if not, please advise. By copy to counsel, I ask that they advise ifI have misstated
anything.
Thank you for your time and consideration of this matter.
Cc
/eh
Very truly yoljn's, f,~-
,Z~lcnael '1~ ~oerster
Deputy Attorney General
Cory J. Snook, Esquire
Elizabeth B. Stone, Esquire
Ch:.tri~.abl~
&
Orga~izations Section, 14~i~ Floor Strawberry Square, t'-[arrisbt~r~ PA I 712!)
(717) 783-2853 (717)78%1 t()0 iitx mti~ersier¢/;~allornevgeneral.~zov -
OFFICE OF A'I-I'ORNEY GENERAL
COMMONWEALTH OF PENNSYLVANIA
STRAWBERRY SQUARE
HARRISBURG, PA 17120
I,,,lll,,,lll,,,,,,lli,ll,l,,I,I
George E. Hoffer, President Judge
Cumberland County Courthouse
1 Courthouse Square
Carlisle, PA 17013
IN RE: JANE W. LONG CHARITABLE
REMAINDER UNITRUST
IN THE COURT OF COMMON PLEAS
CUMBERLAND COUNTY,
PENNSYLVANIA
ORPHANS' COURT DIVISION
NO. 21-2003-0251
PRAECIPE TO WITHDRAW PETITION
TO THE CLERK OF THE ORPHAN'S COURT:
Kindly withdraw the Petition for Reformation of Trust Agreement which was filed for the
above-referenced trust.
Respect fullyystjbmitted,
;ATES,/~/ffRU~,? ER & HATCH, P.C.
Supreme Court I.D. ~/46779
1012[ Mumma Road, Suite 100
Lemoyne, PA 17043
(717) 731-9600
(Attorneys for Petitioner)
DATED: July [ 0 , 2003
CERTIFICATE OF SERVICE
I, Lowell R. Gates, Esquire, of the law finn of Gates, Halbruner & Hatch, P.C., hereby
certify that I served a tree and correct copy of the foregoing Praecipe, including all Exhibits, by
Certified United States mail, remm receipt requested, postage prepaid, to the following
individuals or institutions:
Elizabeth B. Stone, Esquire
Stone, LaFaver, & Shekletski
414 Bridge Street
P.O. Box E
New Cumberland, PA 17070
(Attorney for Jane W. Long)
The Nature Conservancy
4245 North Fairvfax Drive, Suite 100
Arlington, VA 22203-1606
Douglas T. Charney
Charney Investment Group
700 South 28th Street
Harrisburg, PA 17103
Date: July _
,2003
Office of the Attorney General
Commonwealth of Pennsylvania
Charitable Trusts and Organizations Section
14t~ Floor, Strawberry Square
Harrisburg, PA 17120
HATCH, P.C.
Low~l R. Gates, Esquire
Suprprne Court I.D. g46779
1013 Mumma Road, Suite 100
Lemoyne, PA 17043
(717) 731-9600
(Attorneys for Petitioner)
2
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY,
PENNSYLVANIA - ORPHANS' COURT DIVISION
IN RE: JANE W. LONG CHARITABLE
REMAINDER UNITRUST
21-2003-0251
COMMONWEALTH'S OBJECTION TO
THE PETITION TO COMPEL DISTRIBUTION
AND NOW comes the Commonwealth of Pennsylvania, by its Attorney General, D.
Michael Fisher, acting in his capacity as patens patriae, and makes the following objection to
Petitioner's request to compel distribution:
1. Petitioner, Community Trust Company, makes various allegations of fact involved in a
dispute between itself and Jane W. Long, Settlor and life beneficiary of this trust. The
Commonwealth takes no position as to the facts and circumstances summarized.
2. The Commonwealth objects to the fees and costs, proposed in the petition, which are to
be charged to the trust for that period after the time covered by the First and Partial Accounting.
Those fees are excessive and the Attorney General demands strict proof, of the va~ue of services
rendered.
WHEREFORE, the Attorney General requests that this Court disallow those fees to be
charged for services after the period covered by the First and Partial Accounting.
Charitable Trusts and Organizations Section
14th Floor, Strawberry Square
Harrisburg, PA 17120
(717) 783-2853
Dated: November 17, 2003
Respectfully submitted,
D. MICHAEL FISHER
Attorney General
ALEXIS L. BARBIERI
Executiv. e Deputy Attorney Gene~/~
By: ~~~
~VIICHAE/T. FOERSTER
Deputy Attorney General
Attorney I.D. No. 78766
MARK A. PACELLA
Chief Deputy Attorney General
IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY,
PENNSYLVANIA - ORPHANS' COURT DIVISION
1N RE: JANE W. LONG CHARITABLE
REMAINDER UNITRUST
21-2003-0251
CERTIFICATE OF SERVICE
I, Michael T. Foerster, Deputy Attorney General, Charitable Trusts and Organizations
Section, attorney for Plaintiff herein, depose and say that I caused to be served a true and correct
copy of the foregoing Commonwealth's Response to the Petition to Compel Distribution by
mailing the same first class mail, to counsel or parties at the addresses below on the 17th day of
November, 2003.
Elizabeth B. Stone, Esquire
414 Bridge Street
Post Office Box E
New Cumberland, PA 17070
Douglas T. Chamey
Charney Investment Group
700 South 28th Street
Harrisburg, PA 17103
The Nature Conservancy
4245 North Fairview Drive, Suite 100
Arlington, VA 22203-1606
Lowell R. Gates, Esquire
Gates, Halbmner & Hatch
1013 Mumma Road, Suite 100
Lemoyne, PA 17043
Office of Attorney General
Charitable Trusts and Organizations Section
14th Floor, Strawberry Square
Harrisburg, PA 17120
(717) 783-2853
~TER
Deputy Attorney General
Attorney I.D. No.: 78766
INRE:
JANE W. LONG CHARITABLE
REMAINDER TRUST
: IN THE COURT OF COMMON PLEAS
: ORPHANS' COURT DIVISION
: CUMBERLAND COUNTY, PENNSYLVANIA
:NO.
PRELIMINARY DECREE
AND NOW, this __ day of October, 2003, upon consideration of the annexed Petition to
Compel, a Citation is to be issued to Jane W. Long, The Natnre Conservancy, Donglas T. Charne¥
and the Charitable Trusts and Organizations Section of the Office of the Attorney General of the
Commonwealth of Pennsylvania, to show cause, if any there may be, why an Order should not be
issued directing Douglas T. Charney, Senior Vice President-Investment Officer, Charney Investment
Group to reimburse the Jane W. Long Charitable Remainder Unitrust in the amount of $5,832.53, plus
filing fees, cost and legal fees incurred subsequent to the aforementioned legal fees, for failing to comply
with the Court Ordered Statement of Proposed Distribution from the First and Partial Account, and
further directing that, upon the payment of all obligations due and owing under this Petition, that
Petitioner, Community Trust Company, shall execute the Appointment of Successor Trustee and
officially relinquish its status as Trustee of the Jane W. Long Charitable Remainder Unitrust.
Citation shall be returnable in twenty (20) days from the date of service hereof.
Lowell R. Gates, Esquire
Gates, Halbruner & Hatch, P.C.
1013 Mumma Road, Suite 100
Lemoyne, PA 17043
(717) 731-9600
(Attorneys for Community Trust Company)
BY THE COURT
INRE:
JANE W. LONG CHARITABLE
REMAINDER UNITRUST
IN THE COURT OF COMMON PLEAS
CUMBERLAND COUNTY,
PENNSYLVANIA
ORPHANS' COURT DIVISION
NO. 21-03-0251
PETITION TO COMPEL DISTRIBUTION
AND NOW, comes Community Trust Company (hereinafter "Petitioner"), by and
through its attorneys, Gates, Halbruner & Hatch, P.C., and respectfully makes the following
petition:
1. Petitioner is a Pennsylvania regulated trust company having its principal offices at
3907 Market Street, Camp Hill, Cumberland County, Pennsylvania 17011.
2. Jane W. Long is an adult single woman, with a principal address of 160 West Park
Street, Carlisle, Cumberland County, Pennsylvania 17013.
3. On November 1, 1996, an inter vivos trust agreement entitled the "Jane W. Long
Charitable Remainder Unitrust" (hereinafter the "Trust") was established by and between Jane
W. Long, as the Donor, and Mentor Trust Company, as the Trustee. A copy of the trust
agreement is attached hereto as Exhibit "A" and is incorporated herein by reference.
4. After the Trust was established, Mentor Trust Company was acquired by, and
became the successor-in-interest to, First Union Bank.
5. On August 15, 2000, Jane W. Long, as the Donor, removed First Union Bank as
the Trustee and simultaneously appointed Community Trust Company as the successor Trustee.
A copy of the Appointment of Successor Trustee dated August 15, 2000, which appointed
Community Trust Company as successor Trustee, is attached hereto as Exhibit "B" and is
incorporated herein by reference.
6. Article II of the Trust provides, in pertinent part, that Jane W. Long, as the
"Recipient," is entitled to a unitrust amount (distribution) during her lifetime, equal to nine
percent (9%) of the net fair market value of the assets of the Trust valued as of the first day of
each taxable year of the Trust.
7. Article IV of the Trust provides, in pertinent part, that The Nature Conservancy
(erroneously identified as "Nature's Conservancy") is the sole charitable remainder beneficiary of
the principal of the Trust following the death of Jane W. Long, as the Recipient.
8. The remainder beneficiary of the Trust is The Nature Conservancy, which is a
charitable organization. The Office of Attomey General for the Commonwealth of Pennsylvania
supervises legal issues for charities under its parens patriae powers. Pa. O.C.R. 5.5; In re Milton
Hershey School Trust, 807 A.2d 324, 326 (Pa. Cmwlth. 2002). Therefore, the Office of Attorney
General is a party to this Petition.
9. Article IX of the Trust provides, in pertinent part, that the Trust is irrevocable, but
the Trustee may, acting alone, amend the trust agreement to continue the Trust's qualification as
a charitable remainder unitrust with the meaning of Internal Revenue Code Section 664(d)(2) and
the corresponding regulations.
10. From the date that Community Trust Company became successor Trustee, on
August 15, 2000, the Donor, Jane W. Long, requested that Community Trust Company delegate
the investment responsibility to Douglas T. Chamey, Senior Vice President - Investment Officer,
2
Charney Investment Group, now of 700 South 28th Street, Harrisburg, Dauphin County,
Pennsylvania 17103 (hereinafter called "Investment Advisor"), and in fact, the appointment of
Community Trust Company as successor Trustee was conditioned on Community Trust
Company's agreement to delegate investment responsibility to Douglas T. Charney.
11. In fact, from August 15, 2000 through the present time, Community Trust
Company delegated, and continues to delegate, the investment responsibility to Douglas T.
Charney at the request of the Donor, Jane W. Long.
12. This delegation of investment responsibility created a unique situation in that the
Trustee had essentially no control over the assets held in the Trust.
13. Community Trust Company was advised by the Pennsylvania Department of
Banking, which has regulatory authority over Community Trust Company, that the investment
delegation is not permitted under the trust agreement and is questionable because Community
Trust Company remains liable for the investment decisions and actions of Mr. Charney.
14. After failed attempts at resolving the situation informally, Community Trust
Company filed a First and Partial Accounting for the period August 15, 2000 through January 31,
2003 for its actions as Trustee of the Jane W. Long Charitable Remainder Unitrust dated
November 1, 1996, with this Honorable Court on or about March 21, 2003.
15. Community Trust Company then filed a Petition for Reformation of Trust
Agreement on or about March 28, 2003.
16. The purpose of the Petition for Reformation was to reform the trust agreement so
that it would grant authority to the Trustee to delegate investment authority to an investment
3
advisor (which in this case would be Mr. Chamey), as permitted under Pennsylvania's recently
adopted Prudent Investor Rule (20 Pa. C.S. §7206(a)) which provides that a fiduciary may
delegate investment functions that a prudent investor of comparable skills might delegate under
the circumstances.
17. The Petition was also filed so that Community Trust Company would no longer
be liable for the investment decisions and actions of Mr. Chamey, over which Community Trust
Company had no control, which limitation on the Trustee's liability is permitted under
Pennsylvania's recently adopted Prudent Investor Rule (20 Pa. C.S. §7206).
18. On or about April 1, 2003, Judge Hoffer of this Honorable Court signed a
Preliminary Decree directing the following individuals and organizations: Jane W. Long, as
Donor and Recipient; The Nature Conservancy, as sole remainder charitable beneficiary; the
Office of the Attorney General for the Commonwealth of Pennsylvania, under its patens patriae
powers; and Douglas T. Chamey, as proposed Investment Advisor, to show cause why the
Petition should not be granted.
19. On or about April 21, 2003, the Office of Attorney General for the
Commonwealth of Pennsylvania filed objections to the Petition for Reformation of Trust
Agreement.
20. None of the other individuals or organizations responded to the Preliminary
Decree on the Petition for Reformation of Trust Agreement.
21. None of the individuals or organizations responded to, or filed objections to, the
First and Partial Accounting.
4
22. On or about April 22, 2003, Judge Hoffer of this honorable Court confirmed
absolutely the First and Partial Accounting and it was decreed that distribution should be made in
accordance with the Statement of Proposed Distribution that was part of the accounting.
23. The distribution to be made pursuant to the Statement of Proposed Distribution
consisted entirely of the payment of $5,484.50 to the law firm of Gates, Halbruner & Hatch, P.C.
for legal fees incurred from January 10, 2002 through and including the preparation and filing of
the First and Partial Account and the Petition for Reformation.
24. Gates, Halbruner & Hatch, P.C. had been hired by the Community Trust
Company, as Trustee of the Jane W. Long Charitable Remainder Unitrust.
25. Because the Trustee, Community Trust Company, did not control or have custody
over the assets held in the trust, the Trustee requested Mr. Chamey to make the distribution in
accordance with the court order and Statement of Proposed Distribution.
26. To date, upon the advice of Elizabeth B. Stone, Esquire, counsel for Jane W.
Long, Mr. Chamey has refused to make any distribution.
27. On or about May 5, 2003, Jane W. Long signed a document entitled
"Appointment of Successor Trustee" which purports to removed Community Trust Company as
Trustee of the Trust, although the documents does not actually provide that Community Trust
Company is removed as Trustee, and which appoints Jane Long's daughter, Mary Elizabeth Long
as Successor Trustee. A true and correct copy of this Appointment of Successor Trustee is
attached hereto as Exhibit "C" and is incorporated herein by reference.
28. On or about May 6, 2003, Elizabeth B. Stone, Esquire, counsel for Jane W. Long,
5
sent a letter to Community Trust Company stating, among other things, that Jane W. Long would
waive a final accounting of the trust and desired to have Community Trust Company removed as
Trustee. A true and correct copy of this letter is attached hereto as Exhibit "D" and is
incorporated herein by reference.
29. On or about May 6, 2003, Elizabeth B. Stone, Esquire, counsel for Jane W. Long,
sent the Appointment of Successor Trustee to Community Trust Company.
30. In response thereto, counsel for the Trustee, in a letter dated May 7, 2003,
indicated that they would prepare Receipt and Release Agreements for execution by Jane Long,
as Donor and lifetime Recipient, and for The Nature Conservancy, as remainder beneficiary in
lieu of a Second and Final Accounting. In addition, the letter stated that a Praecipe to Withdraw
the Petition for Reformation of Trust would be filed, since the issue had become moot. A true
and correct copy of this letter is attached hereto as Exhibit "E" and is incorporated herein by
reference. A tree and correct copy of the Receipt and Release Agreement, along with the
proposed distribution, is attached hereto as Exhibit "F" and is incorporated herein by reference.
31. In light of the fact that Community Trust Company will be removed as Trustee
and as agreed to in the May 6 & 7, 2003 correspondence, the Praecipe to Withdraw the Petition
for Reformation of Trust was filed on or about July 10, 2003.
32. In addition, Community Trust Company, through its counsel, stated that it would
not relinquish control of the Trust and would not sign the Appointment of Successor Trustee
document until the distributions under the Statement of Proposed Distribution from both the
confirmed First and Partial Account, and the Receipt and Release Agreements were paid.
33. Despite communication by the Trustee and its counsel to Elizabeth Stone, Jane
Long and Douglas Chamey, to date, they have not complied with the Order of distribution and
have not agreed to take any steps to transfer the Trust to the new successor Trustee.
34. Normally, a Trustee can retain control of trust funds until all obligations have
been satisfied before turning over those trust funds to a Successor Trustee.
35. Because of the unique nature of the present relationships, the very problem that
led to the current situation in which the Trustee does not control the trust assets, Community
Trust Company has no leverage to have its obligations met.
36. Because Mr. Chamey has been in control of all trust assets, and has not had the
burden of responsibility or liability, Community Trust Company must obtain Receipt and Release
Agreements before it officially relinquishes its title as Trustee.
37. Jane Long, her counsel Elizabeth Stone and Mr. Chamey have changed the
address on all brokerage accounts held by Mr. Chamey (which represent all of the trust assets)
away from Community Trust Company's address even though Community Trust Company is
still listed on those accounts as the Trustee. A true and correct copy of the change of address
confirmation is attached hereto as Exhibit "G" and is incorporated herein by reference.
38. The ownership on the brokerage accounts held by Mr. Chamey (which represents
all of the trust assets) cannot be changed from Community Trust Company to the successor
Trustee without the consent and signature of Community Trust Company.
39. Jane Long, her counsel Elizabeth Stone, and Mr. Chamey have tried to circumvent
the court ordered distribution from the First and Partial Account and have attempted relieve
themselves of any and all obligations to Community Trust Company without following proper
7
procedures.
40. Because of the actions of Jane Long, her counsel Elizabeth Stone, and Mr.
Chamey, Community Trust Company has no way of knowing what is going on with the trust
assets while it is still officially listed as the owner of, and is still legally responsible as, the
Trustee of the Jane W. Long Charitable Remainder Unitrust.
41. As a result of the actions of Jane Long, her counsel Elizabeth Stone, and Mr.
Chamey, Community Trust Company has been forced to expend substantial legal fees in
attempting to get this matter resolved.
42. This matter could have easily been resolved in April or May, 2003, if only the
court ordered distribution had been made, and the Receipt and Release Agreements, in lieu of a
Second and Final Account, had been executed by Jane Long.
43. Petitioner, as the Trustee, desires to obtain this Orphans' Court's approval of the
Schedule of Distribution and Expenses from the Receipt and Release Agreement, as referenced
herein as Exhibit "F."
44. Petitioner, as the Trustee, desires this Orphan's Court to compel distribution from
trust assets in accordance with the court ordered distribution from the First and Partial Account
and the proposed Schedule of Distribution and Expenses from the Receipt and Release
Agreements.
45. Petitioner, as the Trustee, requests that Mr. Charney be ordered to reimburse the
trust for those expenses and attorneys' fees caused by his refusal to abide by the court's ordered
distribution, which has led to the within action, and to forward the payments to Community Trust
Company.
46. In the alternative, Petitioner, as the Trustee, desires this Orphan's Court to order
the payment of all expenses and legal fees from trust assets and to order Mr. Chamey to release
the funds from the brokerage accounts and forward payments to Community Trust Company.
47. The fair market value of the Trust principal was $152,131.42 as of January 31,
2003, and therefore, sufficient funds should exist with which to accomplish the above-described
payments.
48. The Trust has its situs in Cumberland County, Pennsylvania, wherein the Donor
and the current Trustee are located. 20 Pa. C.S. §724(b)(1)(i).
WHEREFORE, Petitioner respectfully requests that the Court issue a rule on all
interested parties, to show cause, within twenty (20) days, why this Petition should not be
granted, along with all other relief which this Court deems appropriate.
Respect~ submitted,
GATE~, 7AL~R~ER & HATCH, P.C.
Lowe 1 R. Gates, Esquire
Supre ne Court I.D. #46779
10134dumma Road, Suite 100
Lemoyne, PA 17043
(717) 731-9600
(Attorneys for Petitioner)
DATED: /~~ ~3, 2003
VERIFICATION
The undersigned hereby verifies that the facts averred in the foregoing petition are tree
and correct to the best of her knowledge, information and belief. This verification is made
subject to the penalties of 18 Pa. C.S. §4904 relating to unswom falsification to authorities.
COMMUNITY TRUST COMPANY
BY:
SUSAN A. RUSSELL,
ACTING PRESIDENT AND CEO
Dated: ,]~/.~.32..~ ,2003
10
EXHIBIT "A"
CHARITABLE REMAINDER UNITRUST
On this / day of November, 1996, I, lane W. Long, ("THE DONOR") desiring to
establish a charitable remainder unitrust, within the meaning of Revenue Procedure 89-20 and
section 664 (d) (2) of the Internal Revenue Code ("THE CODE") hereby create the Jane W. Long
Charitable' Remainder Unitrust and designate lVlENTOR TRUST CO~ANY, a trust company
authorized to do business in the Commonwealth of Pennsylvania, as the initial Trustee ("THE
TRUSTEE")..
Funding of Trust
The Donor transfers to the Trustee the property described in Schedule A, and the Trustee
accepts such property and agrees to hold, manage and distribute such property of the Trust under
the terms set forth in this Trust instrument.
.Payment of lJnitrust Amount.
A. The Trustee shall pay to lane W. Long ("THE REC~IENT") in each taxable year
of the Trust during the Recipient's life a unitrust amount equal to nine percent (9%) of the net fair
market value of the assets of the Trust valued as of the first day of each taxable year of the Trust
("THE VALUATION DATE").
B. The unitrust amount shall be paid in lump sum annual amounts, in advance, from
income and, to the ex'tent that income is not sufficient, from principal.
C. Any income of the Trust for a taxable year in excess of the unitrust amount shall be
added to principal.
D. If the net fair market value of the Trust assets is incorrectly determined, then
within a reasonable period after the value is finally determined for. Federal tax purposes, the
Trustee shall pay to the Recipient (in the case of an undetwaluation) or receive from the Recipient
(in the case of an overvaluation) an amount equal to the difference be~veen the unitrust amount
properly payable and the unitrust amount actually paid.
l~I. Proration of the Unitrust Amount
If the number of days included in the payment period in any taxable year of the Trust is
less than three hundred sixty-five (365) days, (three hundred six-ty-six (366) days if the taxable
years includes February 29), the unitrust amount payable in such taxable year or years shall be
prorated on a daily basis.
IV. .Distribution to Charity.
Upon the death of the Recipient, the Trustee shall distribute al/of the then i~rincipal and
income of the Trust (other than the amount due Recipieaxt or Recipient's estate, under sections 2
and 3, above) to Nature's Conservancy ("CHARITABLE ORGANIZATIOlq,,).
Ifthe Charitable Organization is not an organization described in sections 170 (c), 2055
(a) and 2522 (a) of The Code at the time when any principal or income of the Trust is to be
distributed to it, then the Trustee shall distribute such principal or income to such one or more
organ/zat/ons described in sect/on 170 (c), 2055 (a) and 2522 (a) as the Trustee shall select in its
sole discretion.
V'. ~Additional Contr/butions
If any addMonal contributions are made to the Trust a~er the initial contribut/on, the
unitrust amount for the year which the additional contribution is made shall be nine percent (9%)
of the sum of(a) the net fair market value of'the Trust assets as of the first day of the taxable year
(excluding thc assets so added and any income fi'om, or appreciation on, such assets) and Co) that
proportion of the value of the assets so added that was excluded under (a) that the number of
days in the period that begins with the date of contribution and ends with the earlier of the last day
of the taxable year or the Recipient's death bears to the number of days in the per/od that begins
on the ~ day of such taxable year and ends with the earlier of the last day in such taxable' year
or the Redpient's death. In the case where there is no valuation date atter the time of
contr/bution, the assets so added shall be valued at the time of'conn'/but/on.
VI. P_rohibited Transactions.
A. The income of the Trust for each taxable year, and the princ/pal of the Trust that
the income is not sufficient, shall be distributed as such time and in such manner as not to subject
the Trust to tax under sect/on 4942 of'The Code. Except for the payment of the un/trust amount
to the Recipient, the Trustee shall not engage in any act of'self-dealing, as deCaned in section 4941
(d) of The Code, and shall not make any taxable expenditures, as defined in sect/on 4945 (d) of
The Code. The Trustee shall not make any investments that jeopardize the char/table purpose of
the Trust, within the meaning of section 4943 and sect/on 4944 of The Code, or retain any excess
business holdings, within the meaning of section 4943 of The Code.
B. Nothing in this instrument shall be construed to restrict the Trustee fi.om investing
the Trust assets in a manner which would result in the annual realizer/on of' a reasonable amount
of the net income or gain fi.om the sole or disposition of'Trust assets.
C. If at any time any amounts of'net income or principal become distributable to me
while I am under legal disability, or/n the reasonable opinion of my Trustee am incapable of
2
properly managing my financial affairs~' the Trustee may make those distribution directly to a duly
appointed guardian of my estate or person, or may otherwise expend the amounts to be
distributed for my benefit in such manner as the Trustee considers reasonably advisable.
D. Except as otherwise provided by law, no interest of mine hereunder shall be
subject to anticipation, to claims for alimony or support, to voluntary transfer without the written
consent of the Trustee, or to involuntary transfer in any event.
Taxable Year.
The taxable year of the Trust shall be the calendar year.
VIII. _Governing l.aw.
The operation of the Trust shall be governed by the laws of the Commonwealth of
Pennsylvania. However, the Trustee' is prohibited fi.om exercising any power of discretion
granted under said laws that would be inconsistent with the qualification of the Trust under
section 664 (d) (2) or The Code and the corresponding regulations. ,
E~. _Limited Poxver of Amendmentl
The Trust is irrevocable. However, the Trustee shall have the power, acting alone, to
amend the Trust in any manner required for the sole purpose of ensuring that the Trust qualifies
and continues to qualify as a charitable remainder unitrust within the meaning of section 664 (d)
(2) of The Code.
X. .Investment of Trust Assets
A. Except as otherwise provided in Section I17 of this instrument, the Trustee shall
have the foregoing powers with respect to the Trust held under this instrument, exercisable in the
discretion of the Trustee:
1. To retain for any period of time without limitation, and without liability for
loss or depreciation in value, any property transferred to the Trustee, including partnership
interests (whether general, special, or limited), even thou~ the Trustee could not properly
purchase the property as a trust investment and though its retention might violate principles of
investment diversification;
2. To sell at public sale, wholly or partly for cash or on credit, contract to sell,
grant or exercise options to buy, convey, transfer, exchange or lease (for a term within or
extending beyond the term of the Trust) any real or personal property of the Trust, and to
partition, dedicate, grant easements iff' or over, subdivide, improve, and remodel, repair or raze
improvements on any real property of the Trust, and in general to deal otherwise with the Trust
property in such manner, for such prices, and on guch terms and conditions as any individual
might do as. outright owner of the property;
· 3. To invest in bonds, common or preferred stocks, notes, real estate
mortgages;, common Trust funds, shares of regulated investment companies, currencies,
partnership interests (whether general, special or limited), annuities or other securities or
property, real or personal, domestic or foreign, without being limited by an statute o
governing investments by Trustees; Y r rule of law
4. To make allocations, divisions and distributions of Trust property in cash in
kind, or partly in each; to allocate different kinds or disproportionate shares of property or
undivided interests in property among 'the beneficiaries or separate Trusts; and to determine the
value of any property so allocated, divided or distributed;
5. To exercise in person or by general or limited proxy all voting and other
rights, powers and privileges and to take all steps to realize all benefits with respect to stocks or
other securities; and to enter into or oppose, alone or with others, voting Trusts, mergers,
consolidations, foreclosures, liquidations, reorganizations, or other changes in the financial'
structure of any corporation;
6. To cause any security or other property to be held, without disclosure of
any fiduciary relationship, in the name of the Trustee, in the name of a nominee or in unre~stered
form;
7. To pay all expenses incurred in the administration of the Trust, including
reasonable compensation to any Trustee, and to employ or appoint and pay reasonable
compensation to accountants, depositories, investment counsel, attorneys, attorneys-in-fact, and
agents (with or without discretionary powers);
8. To deal with the fiduciary or fiduciaries of any other Trust or estate, even
though the Trustee is also the fiduciary or one of the fiduciaries of the other Trust or estate;
9. To compromise or abandon any claim in favor of or against the Trust;
10. To execute instruments of any kind, including instruments containin~
covenants and warranties binding upon and creating a charge against the Trust property, an~
containing provisions excluding personal liability.; and -
11. To perform all other acts necessary for the proper management, investment
and distribution of the Trust property. -
B. The powers granted in'/his Article shall be in addition to those granted by law and
may be exercised even afmr termination of this Trust hereunder until actual distribution of all
Trust principal.
C. To the extent that such requirements can legally be waived, no Trustee hereunder
shall ever be required to give bond or security as Trustee, or to qualify before, be appointed by or
account to any court, or to obtain the order or approval of any court with respect to the exercise
of any power or discretion granted in this instrument.
D. 'The Trustee's exercise or nonexercise of powers and discretions in good faith shall
be conclusive on all persons. No person paying money or delivering property to the Trustee
hereunder shall be required or privileged to see to its application. The certificate of the Trustee
that the Trustee is acting according to this instrument shall fully protect all persons dealing with a
Trustee.
E. I dkect that, irrespective of any tax apportionment statute or similar rule of law of
any jurisdiction otherw/se applicable, under no circumstances shall any estate, inheritance or other
death taxes imposed under the laws of any jurisdiction be paid or provided for out of or be
recoverable from the Trust principal.
F. Nothing in this Trust instrument shall be construed to restrict the Trustee from'
investing the Trust assets in a manner that could result in the annual realization of a reasonable
amount of income or gain from the sale or disposition of Trust assets.
XI. _Successor Trustee.
A. Any Trustee may resign at any time during my lifetime by ~ving prior written
notice to me.
B. Except as otherwise provided in Paragraphs D and E of this Article, if Mentor
Trust Company ceases to act as Trustee hereunder for any reason, or if any successor Trustee
appointed as hereinatSer provided ceases to act as Trustee hereunder for any reason, the person or
persons indicated in Paragraph F of this Article shall, by written instrument, appoint any person,
or any bank or Trust company, within or outside the Commonwealth of Pennsylvania. as
successor Trustee.
C. The person or persons indicated in Paragraph F of this Article may at any time, by
written instrument, approve the accounts of the Trustee with the same effect as if the accoums
had be approved by a court having jurisdiction of the subject matter and of all necessary parries.
D. If any corporate Trustee designated to act or at any time acting
merged with or transfers substantially all of its assets to another corporation, or is hereunder is
in any other
manner reorganized or reinc0rporated, the resulting or transferee corporation shall become
Trustee in place of its corporate predecessor.
E. As often as the Trustee shall deem such action to be advantageous to the Trusts or
to any beneficiary, the Trustee may, by written instrument, resign and appoint as substitute
Trustee with respect to all or any part of the Trust Principal, including property as to which the
Trustee cannot act, any person, or any bank or Trust company, within or outside the
Commonwealth of Pennsylvania. The substitute Trustee shall have all of the title, powers and
discretion 'of the original Trustee, but shall exercise the same under the supervision of the
resigning Trustee, who shall act as adviser to the substitute Trustee. The adviser may at any time
remove the su. bstitute Trustee by written instrument delivered to the substitute Trustee. Upon the
removal or resignation of the substitute Trustee, the adviser may resume the office of Trustee or
may continue to act as adviser and appoint another substitute Trustee. Any adviser may receive
reasonable compensation for services as adviser.
F. The Donor reserves the right to dismiss the Trustee and to appoint a successor
Trustee. A successor Trustee may be appointed pursuant to Paragraph B of this Article and the
accounts of the Trustee may be approved pursuant to Paragraph C of this article by me. If I am
then under legal disability, the instrument of appointment or approval may be signed
(either/jointly) by the duly appointed guardian of my estate.
G. The incumbent Trustee shall have all of the title, powers and discretion granted t~
the original Trustee, without court order or act of transfer. No successor Trustee shall be
personally liable for any act or failure to act of a predecessor Trustee. With the approval of the
person or persons indicated in Paragraph F of this Article who may approve the accounts of the
Trustee, a successor Trustee may accept the account furnished, if any, and the property delivered
by or for a predecessor Trustee without liability for so doing, and such acceptance shall be a full
and complete discharge to the predecessor Trustee.
hq' WITNESS WIa-~.tLEOF, intending to be legally bound hereby, the Parties set their
hands and seals the day and year first above written.
CONhMON-WEALTH OF PENNSYLVA~NIA
COUNTY OF DAUPHIN
e~. Long
: SS.
On this the ] day of November, 1996, before me the undersigned officer, personally
appeared Jane W. Long, known to me, (or satisfactorily proven) to be the person whose name is
subscribed to the within instrument, and acknowledge that she executed the same for the purpose
therein contained.
Ih' WITNESS WIt-EREOF, I hereunto set.my hand and official seal.
My commission expimq_
· L~! Commission Expires blay 2, 1998 Notary Public ' --
Nu;r,~,, P .en~'Wma_ ' As.mm~ of Homes
written.This Trust crearea oy the forgoing instrument is accepted as of the day and year last above
Attest:
TRUSTEE:
M2ENTOR TRUST COMPANY
By:
By:
On this, the day of November, 1996, before me, the. undersioned officer, personally
appeared ----'--
_, who acknowledged himself to be th&
~ of Mentor Trust Company, a corporation, and that he as such
, being authorized to do so, executed the foregoing instrument for
the purposes therein contained by signing the name of the corporation by himself as
h-'q' WITNESS WHEREOF, I hereunto set my hand and official seal.
My commission expires:
Notary Public
SCqtEDULE OF PROPERTY
This schedule is attached to and forms part of that certain Trust Agreement executed by
Jane W. Long on November 1, 1996, and known as the Jane W. Long Charitable Remainder
Unitrust Agreement Dated November 1, 1996, and identifies the initial trust property held
subject to the'trust thereunder.
Name of Stock No. of Shares
1. ~ 127
2. Computer Associates 1525
3. Trinity Industries
Value of Stock
EXHIBIT "B"
COPY
_IN RE: JANE W. LONG CHA~ABL~,
REMAINDER UNi'IRUST DATED NOVEMBER 1 1996
APPOINTMENT OF SUCCESSOR TRUSTEE
i~/'t THIS APPOINTMENT OF SUCCESSOR TRUSTEE is executed in triplicate on this
day of August, 2000, by and between JANE W. LONG, now of Cumberland County,
Pennsylvania, and COMMUNITY TRUST COMPANY, a Pennsylvania Trust Company with its
principal offices at 3907 Market Street, Camp Hill, .Pennsylvania 17011.
WHEREAS, the JANE W. LONG CHARITABLE REMAINDER UNITRUST DATED
NOVEMBER 1, 1996 (herein called the "Trust") was executed by and between JANE W. LONG,
as the Donor, and MENTOR TRUST COMPANY, as Trustee;
WHEREAS, MENTOR TRUST COMPANY was succeeded in interest by FIRST UNION
BANK following the execution of the Trust;
WHEREAS, JANE W. LONG reserved the right under the Trust to dismiss the Trustee
and to appoint a successor Trustee under paragraph XI.(F);
WHEREAS, JANE W. LONG desires to dismiss FIRST UNION BANK, successor in
interest to MENTOR TRUST COMPANY, as Trustee of the Trust;
WHEREAS, JANE W. LONG desires to appoint COMMUNITY TRUST COMPANY
as successor trustee with all the duties and powers, including discretionary powers, granted under the
Trust or by law; and,
WHEREAS, COMMUNITY TRUST COMPANY, desires to accept such appointment
as Successor Trustee;
NOW, THEREFORE, KNOW ALL MEN BY THESE PRESENTS that JANE W.
LONG, hereby appoints COMMUNITY TRUST COMPANY as successor trustee of the Trust
to serve with all the duties and powers, including discretionary powers, granted under the Trust or
by law. COMMUNITY TRUST COMPANY hereby accepts the irrevocable transfer, assignment
and delivery to it and its successors and assigns of the Trust assets listed on Schedule A, attached
hereto and made a part hereof, and undertakes to hold, manage, invest and reinvest such assets, and
to distribute the income and principal of the Trust, in accordance with the provisions of the Trust.
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals the
day and year first written above.
WITNESS:
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF
(SEAL)
SS:
On this, the /5~'~- day of August, 2000, before me, a Notary Public, the undersigned officer,
personally appeared JANE W. LONG, 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.
IN WITNESS WHEREOF, I have set my hand and official Seal.
Notary l~b~c
My Commission Expires:
The f,o.~,re, fioing instrument was delivered and is hereby accepted at Camp Hill, Pennsylvania,
on August O ,r'~000.
ATTEST:
COMMUNITY TRUST COMPANY
ICm E y 0 tmR-mr :SCER,
SENIOR VICE-PRESIDENT AND
TRUST MANAGER
SCHEDULE "A"
SC~qEDULE
REFERRED TO IN THE ANNEXED
A~'~o~~ o~ sm~sso~ ~s~
DATED: AUGUST ~, ~'~00
ASSETS RECEIVED BY
COMMUNITY TRUST COMPANY,
AS SUCCESSOR TRUSTEE
property Description:
EXHIBIT "C"
ONG
: . CHARITABLE
REMAINDER UNITRUST DATED NOVEMBER 1, 1992
APPOINTMENT OF SUCCESSOR TRUSTEE
THIS APPOINTMENT OF SUCCESSOR TRUSTEE is executed in
triplicate on this 5=h day of May, 2003, by and between JANE W.
LONG, now of CumberJ. and County, Pennsylvania, and MARY ELIZABETH
LONG, of Hartford, Co~necticu'~.
WHEREAS, the JANE W. LONG CHARITABLE REMAINDER UNITRUST
DATED NOVEMBER 1, 1996, (herein called the "Trust") was executed
by and between JANE W. LONG, as the Donor, and COI4MUNITY TRUST
COMPANY, as Trustee; and
WHEREAS, JANE W. LONG reserved the right under the Trust to
dismiss the Trustee and to appoint a successor Trustee under
paragraph XI. (F); and
WHEREAS, JANE W. LONG desires to dismiss COMMUNITY TRUST
COMPANY as Trustee of the Trust; and
WHEREAS, JANE W. LONG desires to appoint MARY ELIZABETH LONG
as successor Trustee with all the duties and powers, including
discretionary powers, granted under the Trust or by law; and
WHEREAS, MARY ELIZABETH LONG, desires to accept such
appointment as Successor Trustee.
NOW, THEREFORE, KNOWN ALL MEN BY THESE PRESENTS, that JANE
W. LONG, hereby appoints 14ARY ELIZABETH LONG as successor Trustee
of the Trust to serve with all the duties and powers, including
discretionary powers, granted under the Trust or by law. MARY
ELIZABETH LONG hereby accepts the irrevocable transfer, assign-
ment and delivery to it and its successors and assigns of the
Trust assets listed on Schedule A, attached hereto and made a
part hereof, and undertakes to hold, manage, invest and reinvest
such assets, and to distribute the income and principal of the
Trust, in accordance with the provisions of the Trust.
~d Nug~:tt £00~ 0t 'ln£ ~£SLL£LLIL : 'ON XU~ : NO~3
IN WITNESS WHEREOF, the parties hereto have hereunto set
their hands and/~.eals the day and year first written above.
WITNESS:
: ss.
~OUNTY/O~/~MBERLAND :
(~ this the 5
JANE
(SEAL)
day of May, 2003, before me, a Notary
Public, the undersigned officer, personally appeared JANE W.
LONG, 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.
IN WITNESS WHEREOF, I have set my hand and official seal.
KAYE FL LUG3(EY, NolaJ'y Pubtlc [
Hew CurAberland eero. Cund~ Co. I
The foregoing instrument was delivered and is hereby
accepted this ~./~//] day of 4~, 2003.
ATTEST:
£d NULE:II £OOE OI -[n£
~£SLLfLLIL : 'ON ×U~
EXHIBIT "D"
DAVID H. STONE
GERALD J. SHEKLETSKI
ELIZABETH B. STONE
STONE L_~FAVER & SHEKLETSKI
ATTORNEYS AT LAW
414 BRIDGE STREET
POST OFFICE BOX E
NEw CUMBERLAND. PA 17070
www. stonelaw, net
May 5, 2003
OF COUNSEL
CHARLES H. STONE
JON E LAFAVER
TELEPHONE (7 ! 7) 774-7435
FACSIMILE (7!7) 774-3869
Cory Snook, Esquire
Gates, Halbruner & Hatch, P.C.
1013 Mumma Road
SuiTe I00
Camp Hill, PA 17011
Re: Jane W. Long Charitable Remainder Unitrust
Dear Attorney Snook:
As you know, our law firm represents the interests of Mrs. Jane W. Long. It is my
understanding that you are the attorney for the Community Trust Company and; as such, ask that
you receive this request on behalf of your client. We were initially going to file this resignation
request months ago, but were concerned once the Court was involved that we should wait until
the dust settled. That no longer being a viable option, my client now requests the following.
After much discord over the past several years between Mrs. Long and Community Trust,
my client has decided to act upon her powers vested in her as Donor/Settlor to her Unitrust,
created by her on November 1, 1996. Mrs. Long kindly demands that your client immediately be
removed as Trustee to the Unitrust. This ability is reserved by her in Paragraph XI.(F) and in
pertinent part reads "The Donor reserves the right to dismiss the Trustee and to appoint a
successor Trustee. A successor Trustee may be appointed pursuant to Paragraph B of this Article
and the account of the Trustee may be approved pursuant to Paragraph C of this article by me..."
Given the actions by your client over the last several months, it became clear to Mrs.
Long that your client no longer considered her interests primary in the managing of her unitrust.
The correspondence and pending petitions filed on behalf of Community Trust indicate to me
that your client was willing to go against both the lifetime interest and the charitable remainder
interest when they filed these documents.
Contemporaneous with this letter, Mrs. Long is hereby designating her daughter, Mary
Elizabeth Long, as Trustee for the trust. With this change, she has indicated that Mary Elizabeth
Long, as Trustee, desires that the corpus of the Trust to remain with Chamey Investment Group.
Since a First and Final Accounting was filed by Community Trust for the period November 17,
2002 to January 31, 2003, our client is willing to waive a final accounting of the trust at this
time. Importantly, my client wishes that any transfer of securities or equities that would be
necessary to finalize Mrs. Long's request of transfer of Trustee be done IN KIND. In other
words, NO LIQUIDATION of FUNDS.
I am confident that Community Trust will abide by the wishes of the Donor and resign
immediately. We believe that this is in everyone's best interests and will avoid any further
necessity of Court involvement. I would imagine that your firm would prefer not to have the
Court involved at this time.
Please do not hesitate to contact me immediately should you have any questions on the
wishes of my client. I want to be clear with no misunderstanding that Mrs. Long wants
Community Trust out, her daughter appointed immediately as Trustee, and that there will be no
liquidation of funds. Given the urgency of this problem, Mrs. Long has reviewed this letter, and
has authorized me to act upon this request. Unfortunately, she was not able to come into the
office today to sign. We will forward Mrs. Long's Appointment of Successor Trustee tomorrow
morning.
We appreciate your anticipated cooperation, and thank you in advance for your quick
performance.
Very truly yours,
STONE LaFAVER/~& SHEKLETSKI
Elizabeth B. S
cc: Susan A. Russell, Community Trust CompaB9 (via fax)
Michael Foerster, Esquire, Office of Atton/l/ey General_(via
Douglas T. Chamey, Chamey Investment/Group (via fax)//
Susan Gutchess, The Nature Conservancy (via fax)
EXHIBIT "E"
LAW OFFICES OF ~
1013 MUMMA ROAD ° SUITE 100 · LEMOYNE, PENNSYLVANIA 17043
(717) 731-9600 · FAX: (717) 731-9627
May 7, 2003
LOWELL R. GATES
Also Admitted to Massachusetts Bar
MARK E. HALBRUNER
Also Admitled to New Jersey Bar
CRAIG A. HATCH
CORY J. SNOOK
ALBERT N. PETERUN
Also Admitted to Maryland Bar
STACEY L. NACE
Paralega~/Office Manager
TRACI L. SEPKOVIC
Paralegal
VALERIE LONG
ParaJegal
Elizabeth B. Stone, Esquire
Stone, LaFaver, & Sheldetski
414 Bridge Street
P.O. Box E
New Cumberland, PA 17070
BRANCH OFFICE:
3 WEST MONUMENT SQUARE, SUITE 304
LEWlSTOWN, PA 17044
{717) 248-6909
WEB SITE:
www. GatesLawFirm.com
CORRESPONDENCE ADDRESS:
Lemoyne Office
RE: Jane W. Long Charitable Remainder Unitrust
Dear Ms. Stone:
I am in receipt of your correspondence over the past couple of days and as the attorney for
the Jane W. Long Charitable Remainder Unitrust, as retained by the current Trustee, Community
Trust Company, I must advise you that several things need to occur before Community Trust
Company will sign the Appointment of SucCessor Trustee. Initially, the document you prepared
does not positively declare that Community Trust Company is removed as trustee. It appoints a
successor trustee, but that trustee cannot assume control of the trust unless and until the current
trustee is removed. A simple letter from your client to Community Trust Company affirmatively
removing the trustee would suffice.
Secondly, you indicated that your clients would be willing to waive a final accounting.
Therefore, I will prepare Receipt and Release Agreements for execution by Jane Long as Settlor,
Ja,a/}.e..Long as li.f..eti[n, e ?en~e.fi. ciary, and The Nature Conservancy as remainder beneficiary. ' In '
umnon, we wm atso oe tiling a Pmecipe to Withdraw the Petition f,o_r Refo~rr,n,,ation ofT_rUst.
Also, my client is researching the need to have the Attorney General s Office sign-off on the
transfer in some manner.
Lastly, since Mr. Chamey is in control of all trust assets, the schedule of distribution from
the recently confirmed accounting, as well as the schedule of distribution from the Receipt and
Release Agreements must be paid as set forth therein. Community Trust Company simply
cannot turn over the trust until these things have been accomplished. Please call if you have any
questions.
CJS:kbs
Cory J. ~aook~~~-
EXHIBIT "F"
RECEIPT AND RELEASE AGREEMENT
FOR FINAL DISTRIBUTION TO
SUCCESSOR TRUSTEE
JANE W. LONG CHARITABLE REMAINDER UNITRUST
DATED NOVEMBER 1, 1996
THIS RECEIPT AND RELEASE AGREEMENT FOR FINAL DISTRIBUTION
TO SUCCESSOR TRUSTEE (herein "this Agreement") is signed by the undersigned, JANE
W. LONG, (hereinafter referred to as the "Donor"), in her capacity as both Donor and Lifetime
Beneficiary, on this __ day of July, in the year Two Thousand Three (2003).
BACKGROUND:
1. The JANE W. LONG CHARITABLE REMAINDER UNITRUST, DATED
NOVEMBER 1, 1996 (herein "the Trust") was executed on November 1, 1996, by and between
JANE W. LONG, as Donor, and MENTOR TRUST COMPANY, as Trustee.
2. Donor subsequently removed MENTOR TRUST COMPANY as Trustee, and
Donor appointed FIRST UNION BANK as Successor Trustee.
3. Donor subsequently removed FIRST UNION BANK as Trustee, and Donor
appointed COMMUNITY TRUST COMPANY as Successor Trustee.
4. Article XI(F) of the Trust states, in pertinent part, as follows:
"The Donor reserves the right to dismiss the Trustee and to
appoint a successor Trustee."
5. The Donor of the Trust, JANE W. LONG, acting under authority of Article XI(F)
of the Trust, seeks to remove COMMUNITY TRUST COMPANY as Trustee.
6. The Donor, pursuant to Article XI(F) of the Trust, has notified COMMUNITY
TRUST COMPANY, in writing, of her intention to remove COMMUNITY TRUST
COMPANY as Trustee.
7. The Donor, acting pursuant to Article XI(B) of the Trust, seeks to appoint a
Successor Trustee and, accordingly, so appoints MARY ELIZABETH LONG, as Successor
Trustee, with all the duties and powers, including discretionary powers, granted under the Trust
or by law.
8. MARY ELIZABETH LONG desires to accept such appointment as Successor
Trustee.
9. COMMUNITY TRUST COMPANY, by the signature of an approved officer,
acknowledges and accepts the above-described removal and appointment of Trustees, as more
fully set forth in a document entitled Appointment of Successor Trustee, dated May 5, 2003.
10. COMMUNITY TRUST COMPANY filed a First and Partial Account for the
period November 17, 2000 to January 31, 2003. This First and Partial Account was prepared and
filed in conjunction with the Petition for Reformation of Trust Agreement dated March 28, 2003.
The First and Partial Account and Statement of Proposed Distribution was confirmed on April
22, 2003.
11. After Cormnunity Trust Company filed the Petition for Reformation of Trust
Agreement, Donor decided to remove Community Trust Company as the Trustee, which
rendered the Petition moot. Simultaneously with the final distribution under this Agreement,
Community Trust Company will file a Praecipe To Withdraw Petition. Since Donor has now
decided to remove Community Trust Company, and since five (5) months have now passed since
the First and Partial Account was filed and confirmed, it would be necessary to file another
Partial Account. However, it is the desire of the Donor that a final distribution be made to
MARY ELIZABETH LONG, as the Successor Trustee under the Trust, without the formality
of the filing of another Partial Account. In lieu of another formal Account, Community Trust
Company has prepared an informal account for the period February 1, 2003 to April 30, 2003,
which is attached to this Agreement as Exhibit "A".
12. COMMUNITY TRUST COMPANY, Trustee of the Trust, is willing to make
final distribution under the Trust upon receipt of the release and indemnification provided for in
this Agreement.
13. The investment account held at Wachovia Securities, account number 53002692,
is registered in the name of The Jane W. Long Charitable Remainder Unitrust, Community Trust
Company, Trustee U/A dtd 11-1-96. Donor, through her attorney, Elizabeth Stone, and her
investment advisor, Douglas Chamey, has changed the address on this investment account,
effective 05-28-03, to 160 West Park Street, Carlisle, PA 17013, which is the Donor's home
address. Community Trust Company is not receiving monthly account and investment
information. The last available information is for the month ending April 30, 2003.
NOW, THEREFORE, KNOW ALL MEN BY THESE PRESENTS that the
undersigned does hereby request COMMUNITY TRUST COMPANY, Trustee oft he Trust, to
make distribution from the income and principal of the JANE W. LONG CHARITABLE
REMAINDER UNITRUST, DATED NOVEMBER 1, 1996, without the filing of an another
Account, as more fully set forth in the following Schedule of Final Distribution listed below and
the confirmed First and Partial Account Schedule of Proposed Distribution, the receipt of which
by the Successor Trustee and approval of amounts as herein set-forth by the Donor, is hereby
$
acknowledged, for the undersigned, her heirs, personal representatives, executors, and
administrators of the undersigned, and the Donor does remise, release, quitclaim and forever
discharge COMMUNITY TRUST COMPANY as Trustee aforesaid, its successors and assigns,
of and from all actions, suits, payments, accounts, claims and demands whatsoever or by reason
thereof, and from any suit, payment, claim or liability arising from the administration of the
Trust, or of any investment fund by the Trustee or arising from any losses on investments
administered by the Trustee, and hereby agrees that any Court having jurisdiction may by its
decree discharge COMMUNITY TRUST COMPANY, as Trustee aforesaid.
SCHEDULE OF DISTRIBUTION
AND EXPENSES
FOR THE
JANE W. LONG CHARITABLE
REMAINDER UNITRUST~
DATED NOVEMBER 1~ 1996
Total assets as of 04/30/2003
Payee
Community Trust Company
Community Trust Company
Gates, Halbruner & Hatch, PC
Gates, Halbruner & Hatch, PC
Gates, Halbruner & Hatch, PC
Total Disbursements
Description
Trustee fees for April, 2003
Trust termination fee
Legal Fees (First Account)
Filing fees, etc.
Legal Fees (aRer
First & Partial Account)
Final Distribution
Amount
$ 164.10
$2,046.56
$5,484.50
$ 318.52
$5,832.53
$132,245.00
$13,846.21
$118.398.79
THE UNDERSIGNED further agree to indemnify and hold harmless COMMUNITY
TRUST COMPANY, as Trustee aforesaid, its successors and assigns, from and against any and
all claims, loss, liability or damage which they may suffer or to which they may be subject by
reason of the final distribution under the Trust without the approval of the Court having
jurisdiction. In consideration of the final distribution described above, the undersigned agree to
pay the fiduciary any amount up to the value of the above-described final distribution that may be
necessary in the future to discharge any liabilities of the above-described Trust.
This Agreement may be executed in any number of counterparts with each having the
same effect as if all parties hereto had signed the same document. All counterparts should be
construed together and shall constitute one (1) agreement.
IN WITNESS WHEREOF, and intending to be legally bound hereby, the undersigned
have hereunto set their hands and seals this __ day of July, 2003.
WITNESS:
JANE W. LONG, Donor
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF
SS:
On this, the ~ day of July, 2003, before me, a Notary Public, the undersigned officer,
personally appeared JANE W. LONG, known to me (or satisfactorily proven) to be the person
whose name is subscribed to the within Receipt and Release Agreement, and who acknowledged
that she executed the same for the purposes therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
NOTARY PUBLIC
MY COMMISSION EXPIRES:
5
WITNESS:
JANE W. LONG, Lifetime Beneficiary
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF
SS:
On this, the __ day of July, 2003, before me, a Notary Public, the undersigned officer,
personally appeared JANE W. LONG, known to me (or satisfactorily proven) to be the person
whose name is subscribed to the within Receipt and Release Agreement, and who acknowledged
that she executed the same for the purposes therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official seal.
NOTARY PUBLIC
MY COMMISSION EXPIRES:
EXHIBIT "A"
TRUST
PERIODIC REPORT
COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W. LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
02/01/03 TO 04/30/03
REPORT OF ASSETS
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W. LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
AS OF 04/30/03
PAGE
1
Market Value
Units Price 04/30/03
Book
Value
BONDS
OTHER OBLIGATIONS
1. VANGUARD TOTAL BOND
MARKET FUND #84
3471 10.4300
TOTAL BONDS
36,207.38
36,207.38
34,720.29
34,720.29
STOCKS
MUTUAL FUNDS 2. MORGAN STANLEY FUNDS
INSTITUTIONAL VALUE
3. PIMCO MULTI MANAGER
SER GROWTH INSTL FD
4. PIMCO FDS PAC INVT
MGMT SER TOTAL RET
5. SCUDDER INTL FUND
6. VANGUARD US GROWTH
PORTFOLIO FUND #23
7. VANGUARD WINDSOR II
GROWTH FUND #73
1177 11.9700 14,085.92 17,815.73
1209 16.0900 19,453.65 26,949.93
3251 10.8800 35,369.50 33,189.49
44 29.9600 1,329.48 2,376.91
713 12.8500 9,162.00 16,155.47
708 21.6200 15,300.97 19,139.42
TOTAL STOCKS
94,701.52
115,626.95
BANK AC COITNTS
DEMAND DEPOSITS - OTHER BANKS
8. COMMERCE BANK 134
MONEY MARKET FUNDS
9. EVERGREEN US GOVT 1202
MONEY MARKET FD CL A
1.0000
1.0000
TOTAL BANK ACCOUNTS
134.47
1,201.63
1,336.10
134.47
1,201.63
1,336.10
REPORT OF ASSETS
FOR ACCOUNT 2130114 COM~I~NITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W. LONG C~ARITABLE
REMAINDER UNITRUST, DATED 11/01/96
AS OF 04/30/03
Market Value
Units Price 04/30/03
PAGE
Book
Value
TOTAL INVESTMENTS
INCOME CASH ON HAND
PRINCIPAL CASH ON F~WD
TOTAL ASSETS
TOTAL CASH 0.00
132,245.00
0.00
0.00
132,245.00
151,683.34
0.00
0.00
151,683.34
REPORT OF INCOME CASH
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W. LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 02/01/03 TO 04/30/03
BEGINNING BALANCE
INCOME CASH RECEIPTS
1. ASSET SALES AND TRANSFERS
Sale of an Income Asset
EVERGREEN US GOVT MONEY MARKET FD CL A
04/14/03 Sold 473.4900 units
Purchased 12/24/02
No gain or loss
473.49
PAGE
0.00
Total Sale of an Income Asset
TOTAL ASSET SALES AND TRANSFERS
2. DIVIDENDS RECEIVED
Dividend Receipt
MORGAN STANLEY FUNDS INSTITUTIONAL VALUE
04/03/03 DIVIDEND OF
PIMCO FDS PAC INVT MGMT SER TOTAL RET
02/04/03 DIVIDEND OF
03/04/03 DIVIDEND OF
04/02/03 DIVIDEND OF
VANGUARD TOTAL BOND MARKET FUND #84
02/04/03 DIVIDEND OF
03/04/03 DIVIDEND OF
04/02/03 DIVIDEND OF
EVERGREEN US GOVT MONEY MARKET FD CL A
02/28/03 DIVIDEND OF
03/31/03 DIVIDEND OF
04/30/03 DIVIDEND OF
Total Dividend Receipt
TOTAL DIVIDENDS RECEIVED
TOTAL INCOME CASH RECEIPTS
473.49
58.84
121.50
102.07
105.78
157.42
146.71
162.39
0.23
0.26
0.22
855.42
473.49
855.42
1,328.91
REPORT OF INCOME CASH PAGE
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W. LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 02/01/03 TO 04/30/03
INCOME CASH DISBURSEMENTS
3. ASSET PURCHASES FROM INCOME
Purchase Asset from Income
EVERGREEN US GOVT MONEY MARKET FD CL A
02/11/03 278.92 UNITS AT 1.00
03/11/03 248.78 UNITS AT 1.00
04/08/03 327.01 UNITS AT 1.00
Total Purchase Asset from Income
Dividend Reinvestment
EVERGREEN US GOVT MONEY MARKET FD CL A
02/28/03 .23 UNITS AT 1.00
03/31/03 .26 UNITS AT 1.00
04/30/03 .22 UNITS AT 1.00
Total Dividend Reinvestment
TOTAL ASSET PURCHASES FROM INCOME
4. FEES PAID - GENERAL
Miscellaneous Fees
04/11/03 WACHOVIA SECURITIES
FUNDSOURCE FEE
Total Miscellaneous Fees
TOTAL FEES PAID - GENERAL
-278.92
-248.78
-327.01
-854.71
-0.23
-0.26
-0.22
-0.71
-473.49
-473.49
TOTAL INCOME CASH DISBURSEMENTS
4
-855.42
-473.49
-1,328.91
INCOME CASH BALANCE 0.00
REPORT OF PRINCIPAL CASH PAGE
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W. LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 02/01/03 TO 04/30/03
BEGINNING BALANCE
0.00
PRINCIPAL CASH RECEIPTS
ASSET SALES AND TRANSFERS
Proceeds from Sale of Asset
COMMERCE BANK
02/14/03 Sold 160.4400 units
Purchased 12/16/02
No gain or loss
160.44
03/13/03 Sold 159.7900 units
Purchased 12/16/02
No gain or loss
159.79
04/11/03 Sold 159.7800 units
Purchased 12/16/02
No gain or loss
159.78
04/30/03 Sold 350.0000 units
Purchased 12/16/02
No gain or loss
350.00
Total Proceeds from Sale of Asset
TOTAL ASSET SALES AND TRANSFERS
830.01
TOTAL PRINCIPAL CASH RECEIPTS
830.01
830.01
PRINCIPAL CASH DISBURSEMENTS
2. FEES
Fiduciary Tax Prep Fee
04/30/03
Total Fiduciary Tax Prep Fee
-350.00
-350.00
Trustee Fees
REPORT OF PRINCIPAL CASH PAGE
FOR ACCOUNT 2130114 COMMUNITY TRUST COMPANY SUCCESSOR
TRUSTEE JANE W. LONG CHARITABLE
REMAINDER UNITRUST, DATED 11/01/96
FOR DATES 02/01/03 TO 04/30/03
02/14/03
03/13/03
04/11/03
FOR I MONTH(S) ENDING
01/31/03
FOR 1 MONTH(S) ENDING
02/28/03
FOR I MONTH(S) ENDING
03/31/03
Total Trustee Fees
-160.44
-159.79
-159.78
-480.01
TOTAL FEES
-830.01
TOTAL PRINCIPAL CASH DISBURSEMENTS
-830.01
PRINCIPAL CASH BALANCE 0.00
EXHIBIT "G"
P.O. Box 6569
Glen Allen, VA 23058-6569
We have changed your address on our records as shown
below. In order to confirm the accuracy of this address
change, we are mailing this notification to your former
address. The Post Office should automatically forward
this card to your new address. Only make changes and
return this card if new address is INCORRECT.
OLD ADDRESS
Q
JUN 0 2 2003.
ew address ~s no[ ect
changes are indicated beloW.
as shown and the
Signature
NEW ADDRESS
JA~E LONG CHAR EE~AIN
COMMUNITY TRUST CO
U/A DTO 11-1-g5
3g07 MARKET STREET
CAMP HILL PA 170ii
UN[TRUST
JANE LDNG CHAR REMAIN
COMMUNITY TRUST CB
U/A DTD 11-1-96,
I60 WEST PARK STREET
CARLISLE PA 17013
~NITRUST
5300-Z692
001 5300-2692 H5I~ 00!
05/18/O3 O5/28/Oa
Accoun~ ~ed~ RmtQead~ ~rporation,~mberNewYorkStock~c~ngeandSIPC.
CERTIFICATE OF SERVICE
I, Lowell R. Gates, Esquire, of the law firm of Gates, Halbmner & Hatch, P.C., hereby
certify that I served a tree and correct copy of the foregoing Petition, including all Exhibits, by
Certified United States mail, remm receipt requested, postage prepaid, to the following
individuals or institutions:
Jane W. Long
160 West Part Street
Carlisle, PA 17013
The Nature Conservancy
4245 North Fairview Drive, Suite 100
Arlington, VA 22203-1606
Douglas T. Chamey
Chamey Investment Group
700 South 28th Street
Harrisburg, PA 17103
Date:
t~C/'t/~ ,~.~, 2003
Office of the Attorney General
Commonwealth of Pennsylvania
Charitable Trusts and Organizations Section
14th Floor, Strawberry Square
Harrisburg, PA 17120
GATES, HA~R~JNER & HATCH, P.C.
"~ Lowell I~. Gates, E~lu~re
Supremp Court I.D. #46779
1013 1V]umma Road, Suite 100
Lemo3/ne, PA 17043
(717)731-9600
(Attorneys for Petitioner)
11
IN RE: JANE W. LONG CHARITABLE
REMAINDER TRUST
IN THE COURT OF COMMON PLEAS
ORPHANS' COURT DIVISION
CUMBERLAND COUNTY, PENNSYLVANIA
NO. 21-2003-0251
CITATION
WE COMMAND, you that laying aside all business and excuses whatsoever, you be and appear in your
proper person before the Honorable Judges of the Court of Common Pleas, Orphans' Court Division at a
session of the said Court there to be held, for the County of Cumberland to show cause why if any there
may be, why an Order should not be issued directing Douglas T. Chamey, Senior Vice President
Investment Officer, Charney Investment Group to reimburse the Jane W. Long Charitable Remainder
Unitrust in the amount of $5,832.53, plus filing fees, cost and legal fees incurred subsequent to the
aforementioned legal fees, for failing to comply with the Court Ordered Statement of Proposed Distribution
fi.om the First and Partial Account, and furthr directing that, upon the payment of all obligations due and
owing under this Petition, that Petitioner, Community Trust Company, shall execute the Appointment of
Successor Trustee and officially relinquish its status as Trustee of the Jane W. Lon~ Charitable Remainder
Unitrust.
Citation shall be returnable in twenty (20) days fi.om the date of service hereof.
Witness my hand an official seal of office at Carlisle, Pennsylvania, this 29th day of October, 2003.
Clerk, Orphans' Co~ Division
Cumberland Coun,, PA
My Commission Expires on the 1
Janua~, 2006
CERTIFICATE OF SERVICE
I, Lowell R. Gates, Esquire, of the law firm of Gates, Halbmner & Hatch, P.C., hereby
certify that I served a tree and correct copy of the foregoing Petition, including all Exhibits, by
Certified United States mail, retum receipt requested, postage prepaid, to the following
individuals or institutions:
Date:
Jane W. Long
160 West Part Street
Carlisle, PA 17013
The Nature Conservancy
4245 North Fairview Drive, Suite 100
Arlington, VA 22203-1606
Douglas T. Chamey
Chamey Investment Group
700 South 28th Street
Harrisburg, PA 17103
Office of the Attorney General
Commonwealth of Pennsylvania
Charitable Trusts and Organizations Section
14th Floor, Strawberry Square
Harrisburg, PA 17120
GATES, ~IA~BRUNER/& HATCH, P.C.
Suprel~ ~e Court I.D. g46779
1013 qlumma Road, Suite 100
LemoS, ne, PA 17043
(717) 731-9600
(Attorneys for Petitioner)
IN RE: JANE W. LONG CHARITABLE :IN THE COURT OF COMMON PLEAS
REMAINDER UNITRUST :ORPF~NS' COURT DIVISION
DATED NOVEMBER 1, 1996 :CUMBERLAND COUNTY, PENNSYLVANIA
:NO. 21-03-251
ANSWER TO CITATION WITH NEW MATTER
ON BEHALF OF THE SETTLOR, JANE W. LONC
TO SET ASIDE AND QUASH
THE CONFIRMATION OF THE ACCOUNT FILED BY COMMUNITY TRUST COMPANY
AND NOW, COMES THE SETTLOR, JANE W. LONG, this i~day of
November, 2003, by and through her attorneys, Stone LaFaver &
Shekletski, and files this Answer with New Matter averring as
follows:
1. Admitted.
2. Admitted. By way of further answer, Mrs. Long is a 77
year old woman who has suffered a massive heart attack in the
last year, possibly as a result of this protracted litigation.
3. Admitted.
4. Admitted.
5. Admitted. By way of further answer, the very identical
document that was used by the Settlor, accepted by Mentor Trust
and Community Trust Company as an adequate and proper legal
instrument to implement this transaction is the very same
instrument that the Settlor has used in this transaction.
6. Admitted.
7. Admitted.
8. Admitted.
9. Denied. It is admitted that the Trust is irrevocable.
However, the Trustee has the power, acting alone, to amend the
Trust in any manner required for the sole purpose of ensuring
that the Trust qualifies and continue to qualify as a charitable
remainder unitrust within the meaning of section 664(d) (2) of The
Internal Revenue Code.
10. Admitted. By way of further answer, the Settlor,
specifically instructed the Community Trust Company on more than
three separate occasions that she did not wish Community Trust to
have any function other than to see that the Trust complied with
The IRC. This meant that the Community Trust Company did not
have control of her money at any time, nor could it move the
corpus of the Trust to benefit Community Trust at any time.
11. Admitted. By way of further answer, the Settlor advised
Community Trust on or before January, 2003, that Community Trust
was to turn over all assets to Douglas Charney Investment Group.
This instruction was given verbally, via letters directly from
the Settlor, and from undersigned counsel. Still, Community
Trust refused to relinquish its supposed authority over the
Unitrust alleging some "investigation from the Department of
BankingH. Community Trust has repeatedly refused requests from
the Attorney General Office to release the name of the alleged
investigating party who supposedly triggered this initial action
by Community Trust.
12. Admitted.
13. Denied. Community Trust has repeatedly insisted on
this allegation, yet has repeatedly refused to comply with the
demands made by the Attorney General's Office and undersigned
counsel to reveal the name of the person who allegedly made this
statement. Proof thereof is demanded at time of trial.
14. Denied. Undersigned counsel and the Settlor have
requested via letters and phone calls that Community Trust remove
itself as Trustee. Community Trust has refused. See Letter
dated May 5, 2003, marked as Petitioner's Exhibit "DH, attached
thereto. It is further denied that Community Trust filed its
First and Final Account properly. Pa. St. Sup. Orp. Ct. Rule 6.3
requires that all interested parties be served with proper
written notice of the filing of the account and the call thereof
for audit or confirmation to every unpaid claimant and to
every other person known to the accountant to have or claim an
interest in the estate as creditor, beneficiary, heir of next of
kin. Cumberland County Orphans' Court Rule 6.3-1 specifically
cites this rule exactly. Moreover, the P.E.F. Code §3503 Notice
to Parties of Interest is consistent with this and recites the
same language as both the Supreme Court and the Cumberland County
Rules. Community Trust failed to serve proper notice on
undersigned counsel, as attorney for Jane Long, the Settlor
-2-
herein. Failure to do so permitted the First and Final Account
to be unchallenged by the Settlor, and thus resulted in the
subsequent confirmation of the account. Therefore, as for
reasons states herein, the First and Final Account and subsequent
confirmation should be set aside for failure to comply with the
Orphans' Court Rules.
15. Neither Admitted or Denied. It is denied that Community
Trust complied with the Notice of Pleadings requirements as set
forth in Paragraph #14. Undersigned Counsel was never served
with any Petition; therefore, it is specifically averred that any
pleading filed in the Orphans' Court in Cumberland County should
fail for proper notice requirements. Proof thereof is demanded
at time of trial.
16. Neither Admitted or Denied. It is denied that
Community Trust complied with the Notice of Pleadings
requirements as set forth in Paragraph #14. Undersigned Counsel
was never served with any petition; therefore, it is specifically
averred that any pleading filed in the Orphans' Court in
Cumberland County should fail for proper notice requirements.
Proof thereof is demanded at time of trial.
17. Neither Admitted or Denied. It is denied that
Community Trust complied with the Notice of Pleadings
requirements as set forth in Paragraph #14. Undersigned Counsel
was never served with any petition; therefore, it is specifically
averred that any pleading filed in the Orphans' Court in
Cumberland County should fail for proper notice requirements.
Proof thereof is demanded at time of trial. By way of further
Answer, Community Trust refused and has continue to refuse to
remove itself as Trustee to the Jane Long Trust, even after
repeated requests by the Settlor. Undersigned Counsel prepared a
Petition to Remove Trustee and Appoint a Successor Trustee which
Community Trust has refused to sign for some unknown and
unreasonable reason.
18. Neither Admitted or Denied. It is denied that
Community Trust complied with the Notice of Pleadings
requirements as set forth in Paragraph #14. Undersigned Counsel
was never served with any petition; therefore, it is specifically
averred that any pleading filed in the Orphans' Court in
Cumberland County should fail for proper notice requirements.
Proof thereof is demanded at time of trial.
-3-
19. Neither Admitted or Denied. It is denied that
Community Trust complied with the Notice of Pleadings
requirements as set forth in Paragraph #14. Undersigned Counsel
was never served with any petition; therefore, it is specifically
averred that any pleading filed in the Orphans' Court in
Cumberland County should fail for proper notice requirements.
Proof thereof is demanded at time of trial. By way of further
Answer, Community Trust refused and has continue to refuse to
remove itself as Trustee to the Jane Long Trust, even after
repeated requests by the Settlor. Undersigned Counsel prepared a
Petition to Remove Trustee and Appoint a Successor Trustee which
Community Trust has refused to sign for some unknown and
unreasonable reason.
20. Neither Admitted or Denied. It is denied that
Community Trust complied with the Notice of Pleadings
requirements as set forth in Paragraph #14. Undersigned Counsel
was never served with any petition; therefore, it is specifically
averred that any pleading filed in the Orphans' Court in
Cumberland County should fail for proper notice requirements.
Proof thereof is demanded at time of trial. By way of further
Answer, Community Trust refused and has continue to refuse to
remove itself as Trustee to the Jane Long Trust, even after
repeated requests by the Settlor. Undersigned Counsel prepared a
Petition to Remove Trustee and Appoint a Successor Trustee which
Community Trust has refused to sign for some unknown and
unreasonable reason.
21. Neither Admitted or Denied. It is denied that
Community Trust complied with the Notice of Pleadings
requirements as set forth in Paragraph #14. Undersigned Counsel
was never served with any petition; therefore, it is specifically
averred that any pleading filed in the Orphans' Court in
Cumberland County should fail for proper notice requirements.
Proof thereof is demanded at time of trial. By way of further
Answer, Community Trust refused and has continue to refuse to
remove itself as Trustee to the Jane Long Trust, even after
repeated requests by the Settlor. Undersigned Counsel prepared a
Petition to Remove Trustee and Appoint a Successor Trustee which
Community Trust has refused to sign for some unknown and
unreasonable reason.
22. Denied. The answer to this paragraph is completely
within the knowledge of Community Trust. Undersigned Counsel was
never served with any petition. It is specifically averred that
any pleading filed in the Orphans' Court in Cumberland County
should fail for proper notice requirements. Proof thereof is
demanded at time of trial. By way of further Answer, Community
Trust refused and has continue to refuse to remove itself as
Trustee to the Jane Long Trust, even after repeated requests by
the Settlor. Moreover, in a conference call that took place on
May 1, 2003, the Attorney General specifically requested a
detailed and itemized bill of the alleged attorney fees. To date
undersigned counsel as attorney for Jane Long, the Settlor, has
yet to receive said itemization. Undersigned Counsel prepared a
Petition to Remove Trustee and Appoint a Successor Trustee which
Community Trust has refused to sign for some unknown and
unreasonable reason.
24. Denied. The answer to this paragraph is completely
within the knowledge of Community Trust. Undersigned Counsel was
never served with any petition. It is specifically averred that
any pleading filed in the Orphans' Court in Cumberland County
should fail for proper notice requirements. Proof thereof is
demanded at time of trial. By way of further Answer, Community
Trust refused and has continue to refuse to remove itself as
Trustee to the Jane Long Trust, even after repeated requests by
the Settlor. Moreover, in a conference call that took place on
May 1, 2003, the Attorney General specifically requested a
detailed and itemized bill of the alleged attorney fees. To date
undersigned counsel as attorney for Jane Long, the Settlor, has
yet to receive said itemization. Undersigned Counsel prepared a
Petition to Remove Trustee and Appoint a Successor Trustee which
Community Trust has refused to sign for some unknown and
unreasonable reason.
25. Denied. The answer to this paragraph is completely
within the knowledge of Community Trust. Undersigned Counsel was
never served with any petition. It is specifically averred that
any pleading filed in the Orphans' Court in Cumberland County
should fail for proper notice requirements. Proof thereof is
demanded at time of trial. By way of further Answer, Community
Trust refused and has continue to refuse to remove itself as
Trustee to the Jane Long Trust, even after repeated requests by
the Settlor. Moreover, in a conference call that took place on
May 1, 2003, the Attorney General specifically requested a
detailed and itemized bill of the alleged attorney fees. To date
undersigned counsel as attorney for Jane Long, the Settlor, has
yet to receive said itemization. Undersigned Counsel prepared a
Petition to Remove Trustee and Appoint a Successor Trustee which
Community Trust has refused to sign for some unknown and
unreasonable reason.
26. Admitted. By way of further answer, Undersigned
counsel, which Community Trust acknowledges as attorney for the
Settlor, has indicated on more than one occasion that the Settlor
intended to challenge the billing of the Trustee. Given the
total uncooperativeness of the Trustee, even after the Settlor
told Attorney Gates that she did not want its law firm to
represent her in any way, the Settlor has been hesitant to turn
over the money, not knowing why she should pay a law firm that
she did not hire, want, or trust.
27. Admitted. Paragraph "F" of the aforementioned Trust
document signed by the Settlor, on November 1, 1996, specifically
states as follows, ~[t]he Donor reserves the right to dismiss
the Trustee and to appoint a successor Trustee. A successor
Trustee may be appointed pursuant to Paragraph B of this Article
and the accounts of the Trustee may be approved pursuant to
Paragraph C of this article by me".
28. Admitted. By way of further answer, by way of further
Answer, Community Trust refused and has continue to refuse to
remove itself as Trustee to the Jane Long Trust, even after
repeated requests by the Settlor. Moreover, in a conference call
that took place on May 1, 2003, the Attorney General specifically
requested a detailed and itemized bill of the alleged attorney
fees. To date, undersigned counsel as attorney for Jane Long,
the Settlor, has yet to receive said itemization.
29. Admitted. Prior to undersigned counsel's sending the
Appointment of Successor Trustee to Community Trust, there was
both a telephone call and a letter indicating that the Settlor
was extremely distressed by the behavior of Community Trust
employees, its counsel, its misrepresentation to involved
parties, and their outright refusal to comply with simple
requests. Further, in undersigned counsel's letter dated May 6,
2003, attached at Exhibit "D" to Community Trust's Petition, a
specific and detailed request was made to Community Trust to
immediately remove itself as Trustee to the Trust. In response
to this request, Community Trust sent a letter dated May 7, 2003,
(see Community Trust Exhibit "E") indicating that they did not
understand the request. Community Trust and the law firm of
Gates, Halbruner and Hatch, P.C. has continued to bill the
Settlor for what can only be deemed adversarial proceedings in
6
conflict to the Settlor's interest.
30. Admitted and Denied. It is admitted that Community
Trust's letter dated May 7, 2003, indicated that they would
proceed with the outlined items. It is specifically denied that
Community Trust has moved forward and served undersigned counsel
as attorney for Jane Long with any paperwork for her to sign to
facilitate the ending of her relationship with this law firm.
The Settlor has never been sure who has been handling her affairs
for the last several years since the Trust company and the law
firm seem to her to be one and the same.
31. Neither admitted or denied. Once again, Community
Trust has failed to serve an interested party, undersigned
counsel, as attorney for Jane Long. Hence, the answer to
Paragraph is strictly within the knowledge of Community Trust.
32. Denied. It is specifically denied that such conditions
were presented that would indicate to the Settlor that this was
the case. Further, the signature of the current Trustee is not
necessary to facilitate the removal of said Trustee. Paragraph
IX in the Unitrust document specifically reserves the power to
the Settlor to remove the Trustee in writing at any time. Thus,
as far as the Settlor is concerned, Community Trust has ceased to
be the Trustee of Mrs. Long's trust, and therefore any fees, or
costs associated with this Trust should be paid by the law firm
that the Trust company hired. There seems no reasonable
explanation for an $11,000+ law firm bill for three months of
work, when Community Trust merely had to send a bill to the
Settlor's attorney, withdraw, and wait to be paid.
33. Denied. Undersigned counsel specifically stated in a
conference call to which Attorneys Gates, Snook, Russell (unclear
whether she is an employee of the Trust company or the law firm),
and Michael Foerster, from the Attorney General's Office, were a
party to, that once Community Trust sent an itemized bill, and it
was deemed reasonable by the Attorney General's Office, Douglas
Charney and undersigned counsel, for only those charged related
to the preparation of the First and Final Account, the Trust
Company would be paid. Moreover, as has been stated in prior
paragraphs, Community Trust has refused to send an itemized bill.
34. Denied. The answer to this Paragraph is specifically
within the knowledge of Community Trust; therefore, no answer is
required. Proof thereof is demanded at time of trial.
35. Admitted and Denied. It is admitted that this is a
unique situation: that a trust company would hire its own law
firm against the wishes of the Settlor, against the request of
the Settlor's counsel, in supposed conflict with the Department
of Banking, yet refuse to remove itself as Trustee even after
repeated requests from the Settlor herself.
36. Denied. It is denied that Community Trust must obtain
Receipt and Release Agreements before it officially relinquishes
its title as Trustee. Proof thereof is demanded at time of
trial.
37. Admitted and Denied. It is admitted that this is a
change of address form. It is denied that this is the address of
the new brokerage firm. The new address listed is that of the
Settlor.
38. Denied. Paragraph IX specifically reserves the right
of the Settlor to remove the Trustee for any reason from her
Trust. No signature on a release is required. Proof thereof is
demanded at time of trial.
39. Denied. It is specifically denied that undersigned
counsel has been trying to circumvent the court ordered
distribution. Community Trust failed to properly served
undersigned counsel pursuant to Orphans' Court Rule 6.3-1, and
thus had no direct knowledge of any First and Final Account.
Counsel for the Settlor does acknowledge that since January,
2003, she has attempted through conversations and letters with
both Community Trust and the Attorney General's office to
facilitate the wishes of her client, the Settlor. It does seem
as if the interests of the law firm supposedly hired by Community
Trust are in direct conflict with the wishes of both the lifetime
beneficiary and the charitable remainder interest.
40. Denied. The answer to this Paragraph is specifically
within the knowledge of Community Trust; therefore, no answer is
required. Proof thereof is demanded at time of trial.
41. Denied. The answer to this Paragraph is specifically
within the knowledge of Community Trust; therefore, no answer is
required. Proof thereof is demanded at time of trial.
42. Denied. The answer to this Paragraph is specifically
-8-
within the knowledge of Community Trust; therefore, no answer is
required. Proof thereof is demanded at time of trial.
43. No answer required as this is more properly a prayer
for relief. If an answer is required it is deemed Denied. The
answer to this Paragraph is specifically within the knowledge of
Community Trust; therefore, no answer is required. Proof thereof
is demanded at time of trial.
44. No answer required as this is more properly a prayer
for relief. If an answer is required, it is deemed Denied. The
answer to this Paragraph is specifically within the knowledge of
Community Trust; therefore, no answer is required. By way of
further answer, the Settlor desires that the First and Final
Account be specifically set aside and quashed for failure to
Notice an Interested Party pursuant to Orphans Court Rule 6.3.
Moreover, any fees, costs, or attorney fees generated post May 1,
2003, serve no legitimate purpose or Mrs. Long. The Settlor
dismissed Community Trust on May 1, 2003, by written
notification. Community Trust has refused to acknowledge said
dismissal. If the attorney's fees were to be allowed, one-tenth
of the corpus of the trust would have been unnecessarily spent
when a phone call would have sufficed. Proof thereof is demanded
at time of trial.
45. No answer required as this is a more properly a prayer
for relief. If an answer is required, it is deemed Denied. The
answer to this Paragraph is specifically within the knowledge of
Community Trust; therefore, no answer is required. By way of
further answer, the Settlor desires that the First and Final
Account be specifically set aside and quashed for failure to
Notice an Interested Party pursuant to Orphans Court Rule 6.3.
Moreover, any fees, costs, or attorney fees generated post May 1,
2003, serve no legitimate purpose or Mrs. Long. The Settlor
dismissed Community Trust on May 1, 2003, by written
notification. Community Trust has refused to acknowledge said
dismissal. If the attorney's fees were to be allowed, one-tenth
of the corpus of the trust would have been unnecessarily spent
when a phone call would have sufficed. Proof thereof is demanded
at time of trial.
46. No answer required as this is more properly a prayer
for relief.
47. Admitted and Denied. It is admitted that according to
the account prepared by Community Trust on or about January 31,
2003, that this was the principal amount. It is not currently
known what the current market value is since it is denied that
Community Trust is entitled to any more money that has already
been paid. Proof thereof is demanded at time of trial.
48. Admitted.
NEW MATTER
PETITION TO SET ASIDE FIRST AND FINAL ACCOUNT
AND REQUEST FOR ATTORNEY FEES
49. The answers to Paragraphs one (1) through forty-eight
(48)of Community Trust's Petition to Compel Distribution are
incorporated herein as if more fully set forth below.
50. It is averred that the Petitioner, hereinafter referred
to as Community Trust, failed to serve proper notice upon all
interested parties pursuant to Pa. Sup. Ct. Orphans' Court Rule
6.3, Cumberland County Local Rule 6.3-1, and Pennsylvania Estate
and Fiduciary Code 6.3. Wherein the rule specifically states
that "No account shall be confirmed unless the accountant has
given written notice of the filing of the accountant and the call
thereof for audit or confirmation to every unpaid claimant
and to every other person known to the accountant to have or
claim an interest in the estate as creditor, beneficiary, heir or
next of kin."
51. It is averred, and therefore alleged that the law firm
of Gates, Halbruner and Hatch, P.C., specifically knew that
undersigned counsel was counsel for Jane Long, the Settlor,
herein.
52. It is averred, and therefore alleged, that the law firm
of Gates, Halbruner and Hatch, P.C., failed to properly serve
undersigned counsel with the First and Final Account, and any
subsequent filings and pleadings, as is evidenced by their
Affidavits of Service filed with the Orphans' Court in Cumberland
County.
53. It is averred, and therefore alleged, that as a direct
result of this failure to serve undersigned counsel with the
appropriate pleading, the Settlor missed filing deadlines, and
opportunities to respond to the filings of the Trustee and its
law firm.
-10-
54. It is averred, and therefore alleged, that the rules
specifically state that no account shall be confirmed unless all
parties receive written notice, and since the Settlor cannot be
served directly, but through counsel, Community Trust has failed
to comply with the rules.
55. As a direct result of failing to comply with Orphans'
Court Rule 6.3, Community Trust Company's First and Final Account
and the Confirmation thereto should be Set Aside and Distribution
deferred until a hearing can be held on the matter therein.
56. It is alleged and therefore averred, that as a direct
result of Community Trust and their law firm of Gates, Halbruner,
& Hatch, refusal to remove itself as Trustee of the Irrevocable
Trust Agreement dated November 1, 1996, the Settlor, Jane Long
has incurred legal fees. The letters, phone calls, and
preparation of documents to attempt to convince Community Trust
to step down where the Trustee has the power to do so have
created quite an ordeal for the elderly settlor in failing health
and she has incurred legal fees that to date are in excess of
$3000.00 with the law firm of Stone Lafaver & Shekletski.
Wherefore, it is respectfully requested that this
Honorable Court
(1) Order that the First and Final Account filed on behalf
of Community Trust and Confirmed on April 22, 2003 be set aside;
(2) Order that a new First and Final Account be filed on
behalf of Community Trust setting forth an itemization of fees
for the year ending 2002;
(3) Order that attorney fees generated by Stone Lafaver and
Shekletski as attorney for Mrs. Jane Long, the Settlor herein, in
defense of protracted litigation herein be paid by Community
Trust and/or its law firm of Gates, Halbruner & Hatch, P.C..
(4) Order and Grant any and all such other relief as this
Court deems just and proper.
-11-
(5) In the alternative, Order that a hearing be held on the
matter.
Respectfully submitted,
STONE LAFAVER & SHEKLETSKI
Dated:
Elizat
Sup
41,
(717)77
Attorr
.e Long
PA 17070
5
for the Settlor,
-12-
pd\mis\LONGservice
CERTIFICATE OF SERVICE
I, Elizabeth B. Stone, Attorney at Law, of the law firm of Stone
LaFaver & Shekletski, attorneys for Settlor Jane W. Long, hereby
certify that on this date I served a true and correct copy of the
within instrument on all parties of record by first class mail,
postage prepaid, addressed as follows:
Lowell R. Gates, Esquire
Gates, Halbruner & Hatch PC
1013 Mumma Rd., Suite 100
Lemoyne, PA 17043
Attorneys for Community
Trust Company
The Nature Conservancy
4245 N. Fairview Drive Suite 100
Arlington, VA 22203-1606
Michael T. Foerster, Esq.
Deputy Attorney General
Office of Attorney General
Commonwealth of Pennsylvania
Charitable Trusts and Organizations Section
14th Floor, Strawberry Square
Harrisburg, PA 17120
Douglas T. Charney
Charney Investment Group
700 S. 28th Street
Harrisburg, PA 17103
STONE LaFAVEi
DATE:
Eliz~ B. St, Esquire
ourt #60251
4 PO Box E
PA 17070
(717) 35
IN RE: JANE W. LONG CHARITABLE
REMAINDER UNITRUST
DATED NOVEMBER 1, 1996
ANSWER TO CITATION WITH NEW MATTER
ON BEHALF OF SETTLOR JANE W. LONG
SET ASIDE AND QUASH CONFIRMATION~OF
ACCOUNT FILED BY COMMUNITY TRUST
COMPANY
STONE, LAFAVER ~ SHEKLETSKi
A PROFESSIONAL CORPORATION
ATTORNEYS AT LAW
414 BRIDGE STREET
N'EW GUMBERLAN'D, PA 17070
pd~ntc~l-plead.not · ·
IN RE: JANE W. LONG CHARITABLE
REMAINDER UNITRUST
DATED NOVEMBER 1, 1996
: IN THE COURT OF COMMON PLEAS OF
: CUMBERLAND COUNTY, PENNSYLVANIA
: ORPHANS' COURT DIVISION
: NO. 21-03-251
PLEASE TAKE NOTICE THAT YOU ARE REQUIRED TO FILE A REPLY TO NEW
MATTER WITHIN 20 DAYS FROM THE DATE OF SERVICE HEREOF OR JUDGMENT BY
DEFAULT MAY BE TAKEN AGAINST YOU.
STONE LaFAVER &
SHEKLETSKI
Jane Long
IN RE: JANE W. LONG CF_ARITABLE
REMAINDER UNITRUST
DATED NOVEMBER 1, 1996
:IN THE COURT OF COMMON PLEAS
:ORPHANS' COURT DIVISION
:CUMBERLAND COUNTY, PENNSYLVANIA
:NO. 21-03-251
ORDER
'_~(_.~.a~/_z,~, 02 ~, day, at/' 30
AND NOW, this o~5'fL day of November, 2003, IT IS HEREBY
ORDERED AND DECREED, that a heating is to be held on the above captioned matter, on
a.rn/12~., in Courtroom No. ~
INRE:
JANE W. LONG CHARITABLE
REMAINDER UNITRUST
IN THE COURT OF COMMON PLEAS
CUMBERLAND COUNTY,
PENNSYLVANIA
ORPHANS' COURT DIVISION
NO. 21-03-0251
ANSWER TO NEW MATTER AND PETITION TO SET ASIDE FIRST AND PARTIAl,
ACCOUNT AND REQUEST FOR ATTORNEY FEES
AND NOW comes Community Trust Company (hereinafter "Petitioner"), by and through
its attorneys, Gates, Halbruner & Hatch, P.C., and respectfully sets forth the following Answer to
New Matter:
49. Paragraphs 1 through 48 of Petitioner's Petition to Compel Distribution are
incorporated by reference as though more fully set forth herein.
50. Denied. The averments of Paragraph 50 are conclusions of law to which no
response is required. To the extent a response is required and by way of further
response, Petitioner contends that it met all requirements of all applicable rules
and regulations.
51. Denied. The law firm of Gates, Halbruner & Hatch, P.C. had only minimal
telephone contact with Attorney Stone wherein she indicated she would be
drafting something on behalf of Jane Long to resolve the issues regarding the
trust. Months passed and nothing was received, and so Gates, Halbruner & Hatch,
P.C. filed the accounting in an effort to get the issues resolved. Neither Gates,
Halbruner & Hatch, P.C. nor Petitioner had received an entry of appearance or
anything else in writing indicating that Attorney Stone was, in fact, representing
Jane Long. Jane Long does not dispute that she received the Accounting and
52.
53.
Petition as indicated in the Certificates of Service. In fact, within days of filing
the Accounting, Gates, Halbruner & Hatch, P.C. was finally contacted by Attorney
Stone regarding the Accounting, on behalf of Jane Long.
Denied. Nowhere do the applicable rules even hint that someone in Attorney
Stone's position needs to be served with an accounting. Within days of filing the
Accounting, Gates, Halbruner & Hatch, P.C. was finally contacted by Attorney
Stone regarding same, and therefore Attorney Stone knew about the accounting
within a day or two, if not within hours, after it was properly served upon Jane
Long. Jane Long and Attorney Stone had the requisite time allowable under the
appropriate court rules to respond to the accounting. To now allege that Jane
Long and Attorney Stone's failure to respond is somehow the fault of Petitioner or
Gates, Halbruner & Hatch, P.C. is unreasonable. The Petition to Compel
Distribution was served in the same manner as the Accounting because Attorney
Stone had still not entered her appearance in the matter at hand.
Denied. The allegations of Paragraph 53 are preposterous in that they are merely
an attempt to blame Petitioner and Gates, Halbmner & Hatch, P.C. for the failure
of Jane Long and her counsel to act in a timely manner. There is nothing in the
applicable rules to even remotely indicate that Attorney Stone should have been
served with the accounting, particularly when neither Petitioner nor Gates,
Halbruner & Hatch, P.C. had any indication that Attorney Stone was representing
Jane Long other than minimal telephone contact some months prior to the filing of
the Accounting. By way of further response, Attomey Stone had actual
54.
55.
56.
knowledge of the accounting within days, if not within hours, of service upon Jane
Long.
Denied. The Rules of Procedure speak for themselves. It is specifically denied
that Attorney Stone was either a party or counsel of record for a party. After
several months had passed since the last telephone call from Attorney Stone
indicating that she would be drafting something on behalf of Jane Long, neither
Petitioner nor Gates, Halbruner & Hatch, P.C. had any way of knowing if
Attorney Stone, in fact, represented Jane Long. By way of further response,
Attorney Stone had actual knowledge of the Accounting within days, if not within
hours, of service upon Jane Long.
Denied. The averments of Paragraph 55 are conclusions of law to which no
response is required. To the extent a response is required and by way of further
response, Petitioner complied with Rule 6.3.
Denied. Any delay in the resolution of the issues involved with Petitioner being
removed as trustee lies squarely on the shoulders of Attorney Stone and Douglas
T. Chamey, as more fully set forth in the Petition to Compel Distribution.
Petitioner is ready willing and able to step down as trustee when all the
requirements are met. To allege that Jane Long's legal fees are the fault of
Petitioner and/or Gates, Halbruner & Hatch, P.C. is unjustified and unwarranted.
The Court should also note that the allegations contained within the New Matter
are unverified.
WHEREFORE, Petitioner respectfully requests this Court to grant the relief requested in
the Petition to Compel Distribution.
Respectfu~q~ubmitted,
GATES BRUN & HATCH, P.C.
Low{ R. Gates, Esq~re
Supn ~e Court I.D. #46779
Cory Snook, Esquire
Supr¢ ~e Court I.D. #85734
1013 1~ iumma Road, Suite 100
Lemoyne, PA 17043
(717) 731-9600
(Attomeys for Petitioner)
DATED:
~¢('g;t,u ~.JI, x. ! ~,, 2003
CERTIFICATE OF SERVICE
I, Lowell R. Gates, Esquire, of the law firm of Gates, Halbruner & Hatch, P.C., hereby
certify that I served a tree and correct copy of the foregoing Petition, including all Exhibits, by
Certified United States mail, return receipt requested, postage prepaid, to the following
individuals or institutions:
Elizabeth B. Stone, Esquire
414 Bridge Street
New Cumberland, PA 17070
The Nature Conservancy
4245 North Fairview Drive, Suite 100
Arlington, VA 22203-1606
Douglas T. Chamey
Chamey Investment Group
700 South 28th Street
Harrisburg, PA 17103
Date:
Office of the Attorney General
Commonwealth of Pennsylvania
Charitable Trusts and Organizations Section
14th Floor, Strawberry Square
Harrisburg, PA 17120
"[~')_ taCtfUl. /ff~, 2003
.C.
Lowell ]~. Gates, Esquire
Suprem~ Court I.D. #46779
Cory J. ~nook, Esquire
Suprem{ Court I.D. #85734
1013 Mumma Road, Suite 100
Lemoyne, PA 17043
(717) 731-9600
(Attorneys for Petitioner)
IN P~:
JANE W. LONG CHAriTABLE
RDil ilqDER UNITRUST
NO. 21-03-0251
ANSWER TO NEW MATTER AND PETITION
TO SET ASIDE FIRST AND PARTIAL
....... ACCOUNT AND REQUEST
FOR ATTORNEY FEES
LAW OFFICES OF
G~ HALBRUNER ~S~- HATCH, P.C.
1013 MUMMA ROAD, SUITE 100. LEMOYNE, PENNSYLVANIA 17043
riLE I~..-~e 18/9!
GATES, HALBRNR, HATCH
14:r:~ JD:UI-I-. Ul-, Ill ~t'.. La:ri.
717 ?~1
962? P.02 0
PAGE 05/0B
IN THE COURT oF COMMO~ PLEAS OF CUMBERLAND COUNTY,
PENNSYLVANIA - Olit, PItANS' cOURT DIVISION
Ilq R~; JANI~ W. LONO CHARITABI~ :
RI~MAIND~I~. UN1TRU,gT ~DAT~D ·
NoV~M~RR.I, 1996 :
21-2003-0251
CON$1m*r DECI~E
AND NOW tl~ 3I'~ day of Dmc~-nb=r, 2003, com~m Tmst~ Co~ty T~
B. Sto~, Esqui~ ~ ~e C~onweal~ ofP~lv~by i~ Act~g A~ ~
.3.
BACKGROUND:
The JANE W. LONG CttARITA~LE R_RMAINDER UNITRUST, DATED
NOVEMBER 1, 1996 (h~reia '~h~ Tn~") w~ ~u~ on Nov~ l, 1~6, by ~
b~ JA~ W. ~NG, ~ ~, ~d ~OR TRUST CO~Y, ~ 'i~
D~or su~um~y ~~ ~OR ~U$T COMPA~ ~ ~, ~d Do~
~d ~T UN~N B~K ~ S~mr T~.
CO~~ ~T CO~~ ~ ~~r ~.
The Donor ofttm Mt, 3ANli W. LONG, actin8 Und~ aumm-ity' ofAniclo XI(F) otthe
I
'rr~, see. ks to remove COMMUNITY TRUST COMI'~ as Tmsmc.
~TOh~ LAFAVER ~HEKLE
r'! ~.- I A.( ?Of .L.I.~V
717 731 9627 P.03
P~E: 86/89
6. The Donor, pvrsuant to Article XI(F) ofth~ T~St, hu ne~fi~ CO~ ~UNT
CO~~ u T~.
7_ ~e D~t, ~ng p~t ~ ~ole XI(B) of~ Tm~, s~ ~ ~poim a
Trust or by 1~.
s. ~Y EL~R~ LONG ~s~ to ~t s~h ~poin~t ~ Su~sor Tms~e.
9. CO~UN~ TRUST CO~A~ ~owl~g~ ~d ~c~s ~ ~ovc-d~db~
r~ov~ ~ ~poin~nt of ~sL
I0, CO~ ~U~T CO~~ ~ a ~ ~ P~ A~o~ for ~e p~
Nov~ 19.1000 tn .l~ 31. 200~, ~s N~ ~ P~ ~t w~ ~~
~d f~ l~ c~j~cgon ~ ~ P~gon for ~~on of~t A~t ~d
~h AS, A00t. ~ N~t ~ P~al Acc~t ~d ~t~ of~s~ DiSh.on
w~ oonfl~et on A~l 22, 2003.
Do~ ~i~d m ~o~ C~~ T~ C~y ~ ~o ~ w~ r~ ~
C~Ry T~I ~p~y will ~ a ~ip. To ~d~ P~d~n. S~ Donor~
~w ~id~ ~ ~ C~~ T~ ~~y, ~ s~e. fl~ (f) ~ ~ now
12. ~ ~ ~ b~ ~e p~ns rc~5 costs ~ o~ ~ a~ ~e
13. ~ ~o~e ~ a ~ili~n/~ ~e~on ~ by ~ ~ Ocm~ 29e, 2~3, ~ C~
GATES, HALBRNR, HATCH
ID:OFF. OF PIT1Y,
~q'ONE LOUd'AVER SHEKLE
I~! I,%- 711 ?o,'
962? P. 04
, P~.I~. E ~7 / e~.
14.
15.
iss'~d Citation upon tl~ b~f~iarios to ~ T~ m ~1~ why ~n oh~ ~
not b$ Ic~ a~t ~e ~.
~ cl~ ~r f~.
~ to h~ on ~ m~t~ ~c ~ have ~ to ~oi~ ~k ~~-
NOW TI~EREFORE
l ~, COMI~tlNIT~ TRUST COMPANY, Trustee of ~e ~t, ~ ~
~ ~ves~e-i ~co~l held ~ W~ho~a S~fi~, ~t ~mb~ 53002692,
~~d in the ~me of~e I~ W- ~g ~~lo R~~ U~ Co~~
~t C~y, T~e U/A d~ I 1-1-96. Do~r, ~ h~ ~m~, ~~ S~e,
e~t, ~e oS-2S-03, m 160 W~ P~ S~, C~l~, PA 19013, w~
~r'e home ~ss. C~t~ T~ Co~ h ~t r~~ m~y ~oo~t
~ ~~ ~~o~ ~ ~t arable ~afion is ~r ~ mon~ ~ April
~0, Z00~.
l 8. ~ S~oo~ ~, ~ RLI~RTH ~NC, ~ file ~y
~c ~ ~d ~ip~ of~c l~ W~ LONG ~~~
~ ~0 ~y ~ ~ ~ ~o ~w~ ~ ofF~ D~~ ~s~.below:
DEC-31-2003 16: Og GATES, HALBRNR, HATCH
.F1Lg' No,~6 1~1 '03 l~i~ ID;~F, ~ ~T~. ~.
STONE Lt~r~q~R S~KLE
?17 731 DG2? P.05
assets aa of 04130/2003
Total Disbvrs~s
$132,24S,00
20.
21,
23.
Jwle W. Lor~ and Mary E. Ions ~gr~¢ to ~i~ ~ hold h~e~ CO~~Y
~UST CO~~, ~ ~ ~m~ its ~u~m ~ ~, ~ ~d a~
~y ~ ~1 c~' ~Si, li~ or ~g= which ~=y m~y s~ or ~ w~ ~ may
'be mbj~t by ~on of ~c ~ ~s~bufi~ ~ ~o ~ ~ ~e ~~
Co~ ~~cfion. ~0 Co~onw~ ~ hold'~s C~ty ~t
To ~t ~, l~e W. ~ p~d ~ ~ ~ ~~ of $7,0~.~ ~ D~b~ 29,
~ a ~el~ ~ ~ ~ ~ ~b~e I~ W. ~ ~ ~ S7,000.~ ~ on its
DEC-~31-2803 16: Og GATES, HALBRNR, HATCH
717 731
9627 P.06
~ in a tnnnp, e~ co~sigt~ with me l~temnl g~--v~ Cod~, ~n~ludi~g bat not I{m{~ed
TI~$ Cm~,en~ Decree tr~y be exec~tod by ~e~e~'al signii~ pages.
IN WITNgSg Wlalg~$', md intending to be
their r~sp~tiv~ attorneys so ague this 3I" da)
bom.~d h~eby, 1~ pm~ies by
T. lroersu~'
Deputy AflAruey Geueral
By ~he Court,
TOTRL P.06
DEC-~l-200~ 16:07 GATES~HALBRNR~HATCH ?17 ?~i D6~? P.O1
LOWELL R, GA'rEs
MARK F_ HALBRUNER
N~ A~mi~a~l to New Jer~W ~,r
N. BER"I" N. PETERUN
LAW OFFICES OF
GATES, HALBRUNER &.-HATCH, P.C.
1013 MUMMA ROAD * SUITE 100 · LEMOYNE, PENNSYLVANIA 17043
(717) 73t-9600 · FAX'. (717) 731-9627
BRANCH OFFICES:
$ W~ST MONUMENT 8QU~R~, SUITE
(717) 24~F6~09
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1717) 7'31-9600
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www. Gat e.~Lawf'irm.=om
CORRESPONDENCE ADI3RF~8:
Lemoyne Off~e
To:
Elizabeth B. Stone, Esq.
Stone LaFaver & Shekletski
(717) 774-3869
Michael T. Foerster, Esq.
Deputy Attorney General
(717) 787-1190
Cc:
Honorable George E. Hoffer, PJ (717) 240-6462
Cumberland County Courthouse
From:
Date:
LoweU R. Gates, Esquire~
December 31, 2003
Total Number of Pages (including cover sheet): Six (6)
YOU DO NOT RECEIVE ALL OF THE PAGES, PLEASE CALL (717) 731-9600
MESSAGE:
Attached is a copy of the signed Consent Decree, which has now been signed by all parties.
It is being forwarded to Judge Hoffer for his signature.
Please let me know the status of the Receipt & Release Agreement.
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