The URL can be used to link to this page

Home My WebLink About04-05-13 (3) w M C) rn n INRE: ESTATE OF FRANCIS L. GUSTINA IN THE COURT OF C P1 AS 0; a/k/a FRANCIS LOUIS GUSTINA, OF CUMBERLAND COUITX, cro m rn LATE OF UPPER ALLEN TOWNSHIP, PENNSYLVANIA cn CUMBERLAND COUNTY, C, PENNSYLVANIA FILE NUMBER: 21-11;"1,00 �'` N RECEIPT RELEASE AND INDEMNIFICATION AGREEMENT The circumstances leading to the execution of this Waiver, Receipt, Release and Indemnification Agreement ("Agreement") are as follows: 1. Francis L. Gustina died on September 15, 2011, having made his Last Will and Testament on September 13, 2001, which was duly probated and registered in the Office of the Register of Wills of Cumberland County on October 4, 2011, wherein and whereby he appointed as Executor, the said PNC Bank, National Association, to which Letters Testamentary were duly issued by said Register of Wills on October 4, 2011. 2. Item 5 of the said Last Will and Testament provides as follows: "Should my wife, MARY GLADYS GUSTINA, fail to survive me by thirty (30) days, then I hereby give, devise and bequeath all the rest, residue and remainder of my estate, whether real, personal or mixed, and wheresoever situate, unto such of the following named persons as shall survive me, in equal shares to my nieces and nephews: DONNA ELIZABETH GUSTINA, FRANCES ANN GUSTINA KRAGLE, AMY JOSEPH GUSTINA RYAN, and MICHAEL BERRY GUSTINA." (hereinafter sometimes referred to as Beneficiaries) 3. The decedent's wife, Mary Gladys Gustina, failed to survive the decedent having died on March 5, 2003. 4. DONNA ELIZABETH GUSTINA, FRANCES ANN GUSTINA KRAGLE, AMY JOSEPH GUSTINA RYAN, and MICHAEL BERRY GUSTINA all survived the decedent. 5. The Beneficiaries acknowledge that they have received a copy of PNC's account of its administration of the Estate (the "Account") and have requested that PNC distribute the Estate's assets to the Beneficiaries without the filing, audit and adjudication of the Account with Orphans' Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania (the "Court"), and PNC has agreed to do so, provided that the Beneficiaries waive the filing with and auditing of the Account with the Court and release and agree to indemnify PNC from any and all claims and liabilities relating in any way to its administration of the Estate; and 6. Each of the Beneficiaries has been offered the opportunity to review the Will and the Account and based upon the examination of each of the undersigned, or on his or her decision not to make such an examination, each of the undersigned is satisfied that he or she has sufficient information to make an informed decision in waiving his or her right to a court audit of the Account and approving the administration of the Estate, including, but Estate of Francis L. Gustina a/k/a Francis Louis Gustina, Deceased Waiver of Account, Receipt, Release and Indemnification Agreement Page 2 of 4 not limited to, the overall investment strategy of PNC and all decisions made and actions taken or not taken with regard to the administration of the Estate; and each of the undersigned has been informed that he or she is entitled to the filing of the Account with the Court and Court approval of the Account. NOW THEREFORE, in consideration of the foregoing and intending to be legally bound, each of the undersigned Beneficiaries hereby: 1. Represents and warrants that he or she has read and understands the Will and this Agreement and that the facts set forth above are true and correct. 2. (a) Declares that he or she has been offered the opportunity to review the Will and the Account and based upon an examination (or on his or her decision not to make such an examination), the undersigned is satisfied that he or she has sufficient information to make an informed waiver of his or her right to a formal accounting with the Court. (b) Accepts the Account as if it had been duly filed with and audited, adjudicated and confirmed absolutely by the Court. (c) Waives filing and auditing of the Account and agrees that the Court may by its decree confirm the Account should PNC decide to file the Account with the Court at a future date. 3. Acknowledges that (a) he or she has examined the Account, including the most recent disclosure of expense ratios available for any affiliated fund in which the Estate may have been invested, and finds it to be true and correct in all particulars; and (b) that all fees paid to PNC, any of its affiliates or any unrelated third parties, for services, as reflected in the Account, were properly paid. 4. Approves the distribution of the Estate assets delineated on the attached schedule and, effective upon delivery of such assets to the Beneficiaries, each undersigned Beneficiary acknowledges receipt of such property. 5. Releases, and agrees to indemnify and hold PNC, in its corporate capacity and as Executor, harmless from and against any and all losses, claims, demands, surcharges, causes of action, costs and expenses (including legal fees, costs and expenses, whether incurred in (i) defending against such claims, or (ii) enforcing its rights under this Agreement), which may arise from its administration of the Estate, including, but not limited to, the compensation paid to PNC and/or any of its affiliates, PNC's overall investment strategy, all decisions made and actions taken or not taken with regard to the administration or investment of the Estate, and PNC's distribution of the assets to the Beneficiaries in accordance with this Agreement. Estate of Francis L. Gustina a/k/a Francis Louis Gustina, Deceased Waiver of Account, Receipt, Release and Indemnification Agreement Page 3 of 4 6. Agrees to refund to PNC any amount which may at any time be determined to have been an erroneous distribution to him or her regardless of the cause of such erroneous distribution, even if attributable to negligence, agrees that any period for the limitation of actions for the collection of any erroneous distribution shall commence only at such time as PNC shall have obtained actual knowledge of such erroneous distribution and that in no event shall the period for collection of any erroneous distribution be less than two years after the actual discovery by PNC. 7. Declares it to be his or her intention that this Agreement shall be governed by the laws of the Commonwealth of Pennsylvania, that the Orphans' Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania shall have exclusive jurisdiction over all suits regarding the enforcement of this Agreement and specifically submits to the jurisdiction of such Court. 8. Declares that this Agreement shall be legally binding as an agreement under seal upon him or her (whether or not this Agreement is signed by all of the parties listed below) and upon his or her heirs, personal representatives and assigns. 9. Agrees that PNC, in its discretion, may decide whether or not to forgo its right to file the Account with the Court and transfer assets of the Estate to the Beneficiaries if this Agreement is not signed by all Beneficiaries. 10. Understands that this Agreement may affect his or her legal rights and acknowledges that he or she has either consulted with an attorney or has affirmatively chosen to execute this Agreement without consulting an attorney. 11. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. IN WITNESS W E F, the undersigned has hereunto set his or her hand and seal this day of , 2013. WITNESS: [SEAL] DONNA E.qYSTINA Estate of Francis L. Gustina a/k/a Francis Louis Gustina, Deceased Waiver of Account, Receipt, Release and Indemnification Agreement Page 4 of 4 STATE OF NEW YORK SS: COUNTY OF On this, the 1 day of 9L-9 r i i , 2013, before me a Notary Public, the undersigned officer, personally appeared DONNA GUSTINA, 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 hereunto set m and and seal the day and year first above written. / Notary Public CAROLE A SUTHERLAND LIC.#01SU4923"5 Notary PUNO-State Of N�u Qual in a nMARCH 14 My Comis mmission Exryi�