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Home My WebLink About06-13-11 (2)IN RE: ESTATE OF :COURT OF COMMON PLEAS WENDELL B. STOCKDALE, JR., :CUMBERLAND COUNTY, PENNSYLVANIA Deceased ~ b :ORPHAN'S COURT DIVISION ~ x File No. 2009-01040 ~ c,,- Gv STIPULATION ON PETITION SEEKING ~~~' ~ PARTIAL FUNDING OF TESTAMENTARY TRUSTS ~ `~+ {v c~ The undersigned Matthew E. Hamlin, as counsel for Mid Penn Bank, substitute/succ~sor trustee ("Trustee") of the two separate testamentary trusts ("Testamentary Trusts") established under paragraph "FOURTH" of decedent's Last Will and Testament, dated February 15, 1999 ("Will") and Stephen J. Dzuranin, as counsel for the co-executors, Wendell B. Stockdale, Sr. and Jane Stockdale ("Co-Executors") appointed under Letters Testamentary granted on November 6, 2009, enter into the following stipulation in settlement of Trustee's Petition seeking the partial funding of the Testamentary Trusts by the decedent's estate in advance of the Co-Executors filing and settlement of a final accounting. Within five (5) days of the entry of the attached Order, Co-Executors shall pay to the Trustee the sum of Two Hundred Thirty-Five Thousand and 00/100ths Dollars ($235,000.00) from the cash assets held by the estate to be used to partially fund the Testamentary Trusts. 2. Trustee shall use the amount to be paid by the Co-Executors in paragraph "1" above to partially fund the Testamentary Trusts in accordance with paragraph "FOURTH" of decedent's Will. 3. Co-Executors shall arrange for the delivery to the decedent's two sons who are beneficiaries of the Testamentary Trusts through their counsel, the decedent's coin collection, firearms collection, forty (40) shares of Columbia Water Stock and Notes and receivable from the Trust beneficiaries held by the estate, which delivery Mid Penn Bank hereby authorizes as a rn~ c-"' -~? rr,' r-- ~"i n~ ,.._. ~~' ~__ v~'-r~ r ,'` distribution from the Testamentary Trusts and which Mid Penn Bank confirm is so authorized. Co-Executors shall deliver such items as a conduit on behalf of Mid Penn Bank and shall have no liability as a result of the delivery. 4. Upon Co-Executors satisfying paragraphs "1" and " 3" above, Trustee shall execute the Limited Receipt and Release for Partial Funding of Testamentary Trusts attached hereto as Exhibit "A" and deliver the original of the same to the Co-Executors' counsel. 5. The amount paid by the Co-Executors under paragraph "1" above, after payment of expenses of the Testamentary Trust and payments on behalf of the trust beneficiaries in accordance with subparagraphs FOURTH 1.(a) and (b) of the Will, but in no event less than $150,000.00, shall remain available to be refunded to the Co-Executors upon written demand to pay necessary obligations and liabilities of the decedent's estate. 6. Upon the Co-Executors complying with paragraphs "1" and " 3" above, the Trustee's Petition for Citation to Show Cause Why Co-Executors Should Not Be Compelled to Partially Fund Testamentary Trusts Prior to Settlement of Final Account, dated April 14, 2011 and filed with the Court shall be deemed withdrawn. 7. The parties through counsel consent to the entry of the Order attached hereto as Exhibit "B" adopting and so ordering the terms of this PERSUN ~& H/~EIMG, P.C. By: ~~ !~ l~,~G~s2Lr.~) Matthew E. lin, Esquire Sup. Ct. I.D. No. 86142 1700 Bent Creek Boulevard, Suite 160 P.O. Box 659 Mechanicsburg, PA 17055-0659 (717) 620-2440 -Phone (717) 620-2442 -Fax Attorneys for Petitioner, Mid Penn Bank WIX, P.C. BY; gtep`h J. `IY~im~squire ,g`up. I.D. 52 3 508 North Second Street P.O. Box 845 Harrisburg, PA 17108-0845 (717) 234-4182 -Phone (717) 234-4224 -Fax Attorneys for Co-Executors, Wendell B. Stockdale, Sr. and Jane Stockdale Date: June ~_, 2011 Date: June ~, 2011 zz~9z~i LIMITED RECEIPT AND RELEASE FOR PARTIAL FUNDING OF TESTAMENTARY TRUSTS IN RE: ESTATE OF WENDELL B. STOCKDALE, JR., DECEASED The undersigned on behalf of Mid Penn Bank, the substitute/successortrustee ("Trustee") with an address of 4622 Carlisle Pike, Mechanicsburg, Pennsylvania 17055, for the separate testamentary trusts established under paragraph "FOURTH" of decedent's Last WiII and Testament, dated February 1S, 1999 ("Testanientaiy Trusts"), does hereby acknowledge (effective upon actual receipt of the amount to be paid), that it has received Two Hundred Thirty- Five Thousand and 00/100ths Dollars ($235,000.00) and delivery in kind of the decedent's coin collection (value - $10,310.12), firearms collection (value - $3,7SS.00), forty (40) shares of Columbia Water Cornpany stock (estimate value - $17.50 per share), and Notes and receivable from the Trust beneficiaries (or• copies thereof, valve - $26,911.50) (collectively the "Partial Distribution Assets") to the beneficiaries of the Testamentary Trusts from the Co-Executors, Wendell B. Stockdale, Sr. and Jane Stockdale, on behalf of the Estate. The Trustee, in consideration of the foregoing payment and delivery of the Partial Dishibution Assets, does herby agree to refimd to the Estate subject to the limitations set forth in the Stipulation on Petition Seeking Partial Funding of Testamentary Trusts, dated June ~, 2011 ("Stipulation") the arnount which may be necessary in the future to discharge any obligations and Iiabilities of the Estate of which the Trustee hereafter receives written notice. The Trustee also agrees to indemnify and hold harmless, to the extent of the Partial Distribution Assets, Co- Executors, Wendell B. Stockdale, Sr. and Jane Stockdale, from any actions, suits, payments, liabilities, and claims relating in any way to the foregoing payment to the Trustee to partially fiend the Testamentary Trusts. The Trustee hereby absolutely releases and discharges Wendell B. Stockdale, Jr, and Jane Stockdale, Co-Executors of the Estate of Wendell B. Stockdale, JI•., of and from any and ali claims and rights it has or may have in the futut~ against the Estate, and for claim or demand whatsoever against the Co-Executors and their counsel other than 1.} related to the payment of counsel fees by the Estate to the law firm of Wix, Wenger & Weidner or any attorney associated therewith, including a right to claim a surcharge against the said Co-Executors for the repayment of such fees and disqualify them from receiving commissions and for counsel fees and expenses relating thereto and accountant and professional fees associated with the preparation of a final accounting, and 2.) claim for any additional assets properly payable from the remaining assets of the Estate to the Testamentary Tivsts pursuant to the decedent's will, which limited claims the Trustee expressly reserves. IN WITNESS WHEREOF, and intending to be legally bound hereby, the tmdersigned on behalf of Mid Penn Bank, has hereunto set his hand and seal this day of June, 2011. Witness Daniel J. Madio, II Vice President 22194v1 IN RE: ESTATE OF :COURT OF COMMON PLEAS WENDELL B. STOCKDALE, JR., :CUMBERLAND COUNTY, PENNSYLVANIA Deceased ORPHAN'S COURT DIVISION File No. 2009-01040 ORDER NOW, this day of , 2011, upon consideration of the Petition of Mid Penn Bank, substitute/successor trustee of the testamentary trusts established under paragraph "FOURTH" of the Last Will and Testament of Wendell B. Stockdale, Jr., dated February 15, 1999, the Answer of Co-Executors, Wendell B. Stockdale, Sr. and Jane Stockdale, dated May 2, 2011 and the written Stipulation on Petition Seeking Partial Funding of Testamentary Trusts entered into by counsel on behalf of the said trustee and co-executors, dated June 9, 2011, IT IS HEREBY ORDERED, that the terms of the said Stipulation are adopted and SO ORDERED. By the Court: M.L. Ebert, J• cc: Matthew E. Hamlin, Esquire Persun & Heim, P.C. 1700 Bent Creek Boulevard, Suite 160 P.O. Box 659 Mechanicsburg, PA 17055-0659 Stephen J. Dzuranin, Esquire Wix, Wenger & Weidner 508 North Second Street P.O. Box 845 Harrisburg, PA 17108-0845 zz~9~~~