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RELEASE - TRUSTEE FOR MINOR BENEFICIARY NOW OF AGE
WHEREAS, Manufacturers and Traders Trust Company, successor by merger to Ilfirst Trust Company
of Pennsylvania, N.A., formerly known as Allfirst Bank, formerly known as FM Bank, Successor by
merger to Dauphin Deposit Bank and Trust Company of Harrisburg, Pennsyl ania, was appointed
Trustee under an Irrevocable Trust Agreement dated July 23, 1991 between imothy and Deborah
Nicholson for the benefit of Ryan Nicholson, of Cumberland County, Pennsylvani ; and
WHEREAS, Article II (C) states:
"When the beneficiary reaches the age of twenty-one years, the trustee sh II immediately notify
the beneficiary in writing that the beneficiary shall have the right for a pe iod ending sixty days
after the beneficiary reaches the age of twenty-one to compel immedi e distribution of the
portion or all of the trust principal with any undistributed income by giv' g the trustee written
notice of the desired distribution within said sixty days. If the benefici does not give such
written notice, or if the beneficiary exercises the right to compel distributi n of only a portion of
the trust assets, the trust shall continue until the beneficiary attains the a es set forth below, at
which time the trustee shall distribute outright to the beneficiary the actional portion then
remaining of the trust estate - age forty years one-half, forty-five years enti remaining balance."
and
WHEREAS, the Trustee provided written notice to Ryan Nicholson by letter date
WHEREAS, the said Ryan Nicholson then notified the Trustee that he elected to r ceive the entire Trust
principal and any undistributed income under letter dated April 8, 2005; and
WHEREAS, the said Ryan Nicholson avers that he was born March 23, 1984 a d therefore is now of
age, and said trusteeship is now terminated; and
WHEREAS, in order to save the expense and delay incident to filing said accoun in the Orphans' Court
of Dauphin County and having the same confirmed, the said Ryan Nicholson has requested the Trustee
to make settlement with him at once.
NOW THEREFORE KNOW ALL MEN BY THESE PRESENTS that I, the said yan Nicholson, have
this day had and received of and from Manufacturers and Traders Trust Compan , successor by merger
to Allfirst Trust Company of Pennsylvania, N.A., formerly known as Allfirst Ba k, formerly known as
FMB Bank, Successor by merger to Dauphin Deposit Bank and Trust Company Trustee as aforesaid,
the cash amount of seventy-six thousand two hundred thirty-three dollars and forty-five cents
($76,233.45) in full settlement and satisfaction of all such sum or sums of mo ey as are due me by
reason of said trusteeship, and THEREFORE I DO BY THESE PRESENTS rem se, release, quit-claim
and forever discharge the said Manufacturers and Traders Trust Company, s cessor by merger to
Allfirst Trust Company of Pennsylvania, N.A., formerly known as Allfirst B , formerly known as
FMB Bank, Successor by merger to Dauphin Deposit Bank and Trust Compa y, its successors and
assigns, of and from said legacy, and of and from all actions, suits, payments, accounts, reckonings,
claims and demands whatsoever for or by reason thereof, or of and from all her acts, matters and
things whatsoever including gross negligence, to the day of the date hereof.
IN WITNESS WHEREOF I have hereunto set my hand and seal this 3~ day of
flAt ,2005
WITNESS:
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On this, the 1lrJov day of ~~ ,2005, before me, a Not Public in and for said
State and County, personally appeared Ryan Nicholson, known to me (or satisfac orily proven) to be the
person whose name is subscribed to the foregoing Release and Refunding Bond d acknowledged that
he executed the same for the purposes therein contained and desires that the same e recorded as such.
WITNESS my hand and Notarial Seal.
IRREVOCABLE TRUST AGREEMENT
FOR THE BENEFIT OF RYAN NICHOLSON
THIS AGREEMENT is made and entered into this 23rd day of
July, 1991, by and between TIMOTHY F. NICHOLSON and DEBORAH B.
NICHOLSON, husband and wife, of Naples, Collier County, Florida
(together referred to as the "Grantor"), and
MARIANNE VAN LANCKER, of Poland, Ohio, JOSEPH D. SNYDER, of
Mechanicsburg, Cumberland County, Pennsylvania, and DAUPHIN DEPOSIT
BANK AND TRUST COMPANY, Harrisburg, Pennsylvania, (together
referred to as the "Trustee").
WITNESSETH:
WHEREAS, the Grantor desires to transfer certain assets
to the Trustee for the benefit of the Grantor's son, RYAN NICHOLSON
(the "Beneficiary"); and
WHEREAS, the Grantor may hereafter make additional
transfers of assets to the Trustee.
NOW, THEREFORE, in consideration of the mutual covenants
and agreements herein contained, it is agreed by and between the
parties hereto as follows:
ARTICLE I
Transfer of Assets
The Grantor hereby absolutely and irrevocably transfers
and assigns to the Trustee all his or her right, title and interest
in and to the assets listed on Schedule A, attached hereto and by
this reference made a part hereof. The Grantor, or any other party
or person, may from time to time by irrevocable inter vivos grant
or by will, transfer and assign additional assets to the Trustee,
which shall be added to the principal of the trust and held,
managed and disposed of in accordance with the provisions of this
Agreement.
ARTICLE II
Dispositive provisions
The Trustee shall have, hold and administer said assets
and all investments and reinvestments thereof, IN TRUST NEVERTHE-
LESS, for the following uses and purposes:
(A) until the Beneficiary reaches the age of
twenty-one years, the Trustee may from time to time pay
to or for the benefit of the Beneficiary so much of the
net income and principal of the trust as the Trustee, in
the Trustee's sole discretion. shall determine. Any
income that is not paid to or for the benefit of the
Beneficiary shall be added to principal at the end of
each calendar year.
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(B) After the Beneficiary reaches the age of
twenty-one years and until the termination of this trust,
if the trust continues pursuant to the following
subparagraph (C), the Trustee: (1) shall pay all the net
income of this trust to the Beneficiary in regular
installments not less frequently than quarterly and (2)
may distribute outright to the Beneficiary from the
principal of this trust such amount or amounts as in the
Trustee's uncontrolled discretion may be necessary to
provide for the Beneficiary's comfort, care, maintenance,
support, education, and advancement in life, taking into
consideration any other means readily available for such
purposes.
(C) When the Beneficiary reaches the age of twenty-
one years, the Trustee shall immediately notify the
Beneficiary in writing that the Beneficiary shall have
the right for a period ending 60 days after the
Beneficiary reaches the age of twenty-one to compel
immediate distribution of any portion or all of the trust
principal and any undistributed income by giving the
Trustee written notice of the desired distribution within
said 60 days. If the Beneficiary does not give such
written notice, or if the Beneficiary exercises the right
to compel distribution of only a portion of the trust
assets, the trust shall continue until the Beneficiary
attains the ages set forth below, at which time the
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Trustee shall distribute outright to the Beneficiary the
fractional portion then remaining of the trust estate:
Age
Fractional Part
40 years
45 years
One-half
Entire remaining principal
(D) If the Beneficiary dies before distribution to
the Beneficiary shall have been completed:
(1) The Trustee shall pay the then
assets of the trust to, or hold them for the
benefit of, such person or persons, including
the Beneficiary's Estate, as the Beneficiary
shall appoint by a will which refers
specifically to this power.
The appointment
may be in such amounts and proportions and for
such estates and interests, and upon such
terms, trusts, conditions, and limitations as
the Beneficiary may appoint.
(2) To whatever extent the then assets
of the trust are not effectively appointed by
the Beneficiary pursuant to the Beneficiary's
power to appoint by Will, the Trustee shall
distribute those assets outright:
(a) To the Beneficiary's then
living issue, per stirpes; or, if
the Beneficiary has no issue then
living,
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(b) To the Grantor's then
living issue, per stirpes.
(3) If any person entitled to receive an
outright distribution under the above
subparagraph (2) is then entitled, either
absolutely or in the discretion of the
Trustee, to income from a trust held under
"The Irrevocable Trust Agreement for the
benefit of Ryan Nicholson," or "The
Irrevocable Trust Agreement for the benefit of
Daniel Nicholson", then the distribution that
such person would have received shall be made
to the then Trustee of such trust and shall
thereafter for all purposes be held by that
Trustee as an integral part of the principal
of such trust estate.
(4l If any person entitled to receive an
outright distribution under the above
subparagraph (2 l has not reached the age of
twenty-one years at the time actual distribu-
tion is to be made and is not then entitled to
income from a trust described in the above
subparagraph (3l, the Trustee shall hold in a
separate trust the assets that would otherwise
be distributed to that person. Until the
person with respect to whom such a separate
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trust is created reaches the age of twenty-one
years, the Trustee shall distribute to that
person such sums from the income and principal
of that separate trust as may be reasonably
necessary in the Trustee's uncontrolled
discretion to provide for that person's
comfort, care, maintenance, support, educa-
tion, and advancement in life, taking into
consideration any other means readily avail-
able for such purposes and when that person
reaches the age of twenty-one years, the
Trustee shall distribute the remaining assets
of that separate trust to that person. If
that person dies before reaching the age of
twenty-one years, the Trustee shall distribute
the then remaining assets of that separate
trust to the person or persons then living,
other than the Grantor or the Trustee, who
would be entitled to inherit that person 's
personal property under the laws of
pennsylvania then in force if that person had
then died intestate.
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ARTICLE III
Gifts to Trust After
Beneficiarv Reaches Aqe 2l
After the Beneficiary attains the age of twenty-one
years, the Trustee shall, immediately upon receipt of any and all
property placed into this trust by irrevocable inter vivos grant,
notify the Beneficiary of the details of any such property
received, whereupon the Beneficiary shall have the unrestricted
right for a period of thirty days from the date of notification to
demand and immediately receive from the trust the value of any such
assets transferred to the Trust; provided, however, that no such
withdrawal, when added to the aggregate value of all withdrawals
made by the Beneficiary pursuant to this ARTICLE III during the
calendar year in which the addition to this trust is made, shall
exceed the greater of $5,000 or five (5%) percent of the aggregate
value of the principal of the Trust at the time of such withdrawal
[or such corresponding amount as then provided in g2514(e) (1) of
the Internal Revenue Code of 1986, as amended, or a subsequent
parallel provision, as will not constitute a release of this power
by the Drawer). The foregoing power in the Beneficiary shall be
exercisable in writing and only during the aforesaid time period,
shall be noncumulative from transfer to transfer and from year to
year and shall terminate upon the death of the Beneficiary. If a
Beneficiary is under a legal disability during part or all of a
withdrawal period, the court-appointed guardian, if any, of the
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Beneficiary may exercise such withdrawal on the Beneficiary's
behalf.
ARTICLE IV
Prohibited Powers
Notwithstanding any other provision of this Irrevocable
Agreement of Trust:
(A) Trust income shall not under any circumstances
be distributed to, or be held or accumulated for future
distribution to, the Grantor or the Grantor's spouse;
(B) Trust income shall not under any circumstances
be applied to the payment of premiums on pOlicies of
insurance on the life of the Grantor or the Grantor's
spouse;
(C) No distribution shall be made to or for the
benefit of any beneficiary in lieu of or in discharge of
the legal obligation of the Grantor or of the Grantor's
spouse to support or maintain said beneficiary or in
discharge of any other legal obligation of the Grantor or
of the Grantor's spouse;
(D) No person shall have any power to enable any
person to purchase, exchange, or otherwise deal with or
dispose of the principal or income of this trust for less
than an adequate consideration in money or money's worth;
(E) No person shall have any power to enable the
Grantor to borrow the corpus or income of this trust,
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directly or indirectly, wi thout adequate interest or
without adequate security; and
(F) None of the following powers shall be
exercisable in a non-fiduciary capacity by any person:
(1) a power to vote or direct the voting of stock or
other securities of a corporation in which the hOldings
of the Grantor and the trust are significant from the
viewpoint of voting control; (2) a power to control the
investment of the trust funds either by directing
investments or reinvestments or by vetoing proposed
investments or reinvestments, to the extent that the
trust funds consist of stock or securities of corpora-
tions in which the holdings of the Grantor and the trust
are significant from the viewpoint of voting control; or
(3) a power to reacquire the trust corpus by substituting
other property of an equivalent value.
ARTICLE V
spendthrift Provisions
No part of the income or principal of the property held
under any of the trusts created hereunder shall be subject to
attachment, levy or seizure by any creditor, spouse, assignee or
trustee or receiver in bankruptcy of any beneficiary prior to his
or her actual receipt thereof. The Trustee shall pay over the net
income and/or the principal to the parties herein designated, as
their interests may appear, without regard to any attempted
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anticipation (except as provided herein), pledging or assignment by
any beneficiary under any of the trusts created hereunder, and
without regard to any claim thereto or attempted levy, attachment,
seizure or other process against said beneficiary.
ARTICLE VI
Trustee Powers
Trustee shall possess, among others, the following
powers, both as to principal and income, to be exercised for the
best interests of the beneficiaries:
(A) TO retain any investments so long as the
Trustee may deem it advisable to a trust so to do,
including partnership interests, stocks, bonds, time
deposits, real estate and funds of the Trustee.
(B) To vary investments, when deemed desirable by
the Trustee, and to invest in such partnerships, bonds,
stocks, notes, real estate mortgages or securities or in
such other real or personal property, as the Trustee
shall deem wise, including the Trustee's own common
investment funds, stocks, bonds, time deposits and funds
of the Trustee, without being restricted to so-called
"legal investments"; provided, however, that nothing in
this Irrevocable Agreement of Trust shall be construed to
permit Grantor to borrow directly or indirectly from the
trust without adequate interest and adequate security.
(C) In order to effect a division of the principal
of a trust or for any other purpose, including any final
distribution of any trust, the Trustee is authorized to
make said divisions or distributions of the personalty
and realty partly or wholly in kind. If such divisions
or distributions are made in kind, said assets are
required to be divided or distributed at their respective
values on the date or dates of their distribution or
division. In making any divisions or distributions in
kind, the Trustee shall divide or distribute said assets
so as to fairly allocate any unrealized appreciation
therein.
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(D) To sell either at public or private sale and
upon such terms and conditions as the Trustee may deem
advantageous to a trust, any or all real or personal
estate or interest therein owned by a trust severally or
in conjunction with other persons, and to consummate said
sale or sales by sufficient deeds or other instruments to
the purchaser or purchasers, conveying a fee simple
title, free and clear of all trust and without obligation
or liability of the purchaser or purchasers to see to the
application of the purchase money, or to make inquiry
into the validity of said sale or sales; also, to make,
execute, acknowledge and deliver any and all deeds,
assignments, options, or other writings which may be
necessary or desirable in carrying out any of the powers
conferred upon the Trustee in this paragraph or elsewhere
in this instrument; provided, however, that nothing in
this Irrevocable Agreement of Trust shall be construed to
permit the Grantor or any person to purchase, exchange,
or otherwise deal with or dispose of trust principal or
the income therefrom for less than adequate consideration
in money or money's worth.
(E) To mortgage real estate and to make leases of
real estate, including leases extending beyond the term
of this trust.
(F) To borrow money from any party and to assign
and pledge trust assets therefor. Said borrowing is
specifically authorized to permit the Trustee to satisfy
any demand right created under ARTICLE III hereof.
(G) To pay all costs, expenses and charges in
connection with the administration of a trust, including
a reasonable compensation to agents.
(H) To vote any shares of stock which form a part
of a trust and otherwise exercise all the powers incident
to the ownership of such stock; to actively manage and
operate any incorporated or unincorporated business,
including any joint ventures and partnerships, and to
incorporate any such unincorporated business, with all
the rights and powers of any owner thereof.
(I) In the discretion of the Trustee, to unite with
other owners of similar property in carrying out any
plans for the reorganization of any corporation or
company whose securities form a part of a trust.
(J) To assign to and hold in a trust an undivided
portion of any asset.
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(K) To do all other acts which the Trustee, in its
sole discretion, shall deem necessary or desirable for
the proper and advantageous management, investment and
distribution of trust assets.
ARTICLE VII
simultaneous Death provisions
Any person who shall have died at the same time as any
then recipient of income, or under such circumstances that it is
difficult or impossible to determine who died first, shall be
deemed to have predeceased such beneficiary.
ARTICLE VIII
Guardian
If at any time any minor child shall be eligible to
receive any income or assets hereunder, the Trustee hereunder shall
act as Guardian of the funds payable to such child, and shall have
full authority to use such funds in any manner it shall deem
advisable for the best interests of such child.
Said Guardian
shall have the rights and privileges as to the Guardianship and its
assets as are herein granted to the Trustee as to the trust and the
assets therein.
ARTICLE IX
Substitute Trustee
In the event of the death, resignation, refusal or
inability of either of the individual Trustees to serve hereunder,
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the surviving Trustees or Trustee shall act or continue to act with
all the powers given to the original Trustees. The individual Co-
Trustees or Co-Trustee shall have the right to remove the corporate
Trustee from time to time for any reason so long as a successor
corporate Co-Trustee is immediately substituted and is a banking
institution with trust powers.
ARTICLE X
Fiduciarv's Bond
The Grantor directs that any fiduciary acting hereunder
shall not be required to enter bond or other security in any
jurisdiction in which said fiduciary may be called upon to act.
ARTICLE XI
Irrevocability
It is agreed that the Grantor may not modify, alter or
revoke this Irrevocable Agreement of Trust in any way. In
addition, the Grantor hereby renounces any interest, including any
reversion or possibility of reverter, in the corpus and income of
the trust and any right to determine who shall enjoy said corpus
and income.
ARTICLE XII
situs
The Commonwealth of Pennsylvania is hereby designated as
the situs of the trust herein created, and all questions pertaining
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to the validity and construction of this Irrevocable Agreement of
Trust or the administration hereunder shall be determined in
accordance with the laws of Pennsylvania regardless of the
jurisdiction in which this trust may at any time be administered.
IN WITNESS WHEREOF, Timothy F. Nicholson and Deborah B.
Nicholson, as Grantors, and Joseph D. snyder, Marian Van Lancker
and Dauphin Deposit Bank and Trust Company, as Trustees, have
hereunto affixed their hands and seals, the day and year first
above written.
(SEAL)
WITNESS:
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holson
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Deborah ~ Nicholson
WITNESS:
TRUSTEES:
~~~ (SEAL)
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Marian~an Lancker
DAUPHIN DEPOSIT BANK AND
TRUST COMPANY
ATTEST:
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~SS~STt..~-:1 S:~:1.:7:~"Y
By:
~tJ1d COdtfM
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Title:
RNl~hol.TKU/SAS~:Trusts/7/22/91/#6
IRREVOCABLE AGREEMENT OF TRUST
FOR THE BENEFIT OF RYAN NICHOLSON
SCHEDULE A
Sha~es of Ste~ling Banco~p
WITNESS:
(y). ~~
'Tn, 4~ Jlu
AT'l'EST:
"'B., . ......:::" ~~_I .~'
J\SSiS7t.!-~T' sr.:C~rr;!_lY
GRANTORS:
(SEAL)
o F. ~lSOn ,
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jU/iJ..!. /G~'L!<'~
Deborah B 1cholson
(SEAL)
TRUSTEES:
~ ~~ (SEAL)
)J~{/U~v{?~EAL)
Maria~Van Lancker
DAUPHIN DEPOSIT BANK AND
TRUST COMPANY
By: z;tIJI.tICi (. U4'11
Title: 51 U. f7.
COUNTY OF
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) SS:
)
COMMONWEALTH OF PENNSYLVANIA
On this, the ,;lJ'dA day of
1991,
before me, a notary public, the undersi
personally
appeared Timothy F. Nicholson and Deborah B. Nicholson, known to me
(or satisfactorily proven) to be the persons whose names are
subscribed to the within instrument, and acknowledged that they
executed the same for the purposes therein contained.
IN WITNESS WHEREOF, I hereunto set my hand and official
seal.
~~/ A-c~
ary Public
Commission Expires:
(SEAL)
..,.p.._~-'
NOT A'FilAL SEAL
YVONNE R. DURHAM,. Nola'" Public
Hanisbur9, Oaupl'lLn County
My Commission Expil'les June 19. 1993
COMMONWEAL~VANIA
COUNTY OF .
)
) SS:
)
On this, the /{P~ day of ~
1991,
before me, a notary public, the undersigned officer, personally
appeared Joseph D. Snyder, known to me (or satisfactorily proven)
to be the person whose name is subscribed to the within instrument,
and acknowledged that he executed the same for the purposes therein
contained.
IN WITNESS WHEREOF, I hereunto set my hand and official
seal.
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Notary Public
My Commission Expires:
(SEAL)
NOTARIAL SEAL
SANDRA M. TITEL Notary Public
Mechanicsburl. Cumberiand County
My Commission Expires May 13. 1996
COUNTY OF
QUiD
fv\A'UilrJi l\f&'
)
) SS:
)
STATE OF
On this, the _ '1* day of
ur;::C~.i\ f!>6<-
1991.,
before me, a notary public, the undersigned officer, personally
appeared Marian Van Lancker, 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.
,
)IV~ I/:L~~~
IN WITNESS WHEREOF, I hereunto set my hand and official
seal.
~L~YO
No'ary P1,tblic .
My Commission Expires:
(SEAL)
SUSAN ECKENRODE LONEY
NOTARY FUBlIC. STATE of OHIO
My Commission Expire. May 7, 1997
COMMONWEALTH OF PENNSYLVANIA
COUNTY OF &{~
On this, the ..!t~day of J~ ~ ' 1.991., ~efo~e me,
the undersigned officer, personally appeared~~k~~
who acknowledged himself to be th~ ~#/~P/.7 of
:
ss:
Dauphin De}}osit Bank and Trust company,
~. ~~ being authorized to
and that he as such
do so, executed the
foregoing instrument for the purposes therein contain~
the name of the corporation by himself as
IN WITNESS WHEREOF, I hereunto set my hand and official
seal.
~dd~~
N ta PUblic
My Commission Expires:
(SEAL)
NotaIiaJ Seal
Mary AmAnderoon, No!aIyPtdc
My"~ Dauphin~
.....","""'" Expires Oct. 30, 1994
Mambor. f'en".yJvani. Association 01 Notaries