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Home My WebLink About04-20-06 IN THE MATTER OF THE ESTATES OF RUSSELL E. ALLYN, DECEASED, AND MARY E. ALLYN, DECEASED : IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION : No.2005-01035 and No. 2006-00134 RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT CONCERNING INTERIM DISTRIBUTION FROM ESTATES AND TRUSTS THIS AGREEMENT, made this it day of ~,i I WITNESSETH: , 2006, THE CIRCUMSTANCES, leading up to the execution of this Agreement are as follows: 1. Russell E. Allyn (the "Husband"), late of the Borough of Camp Hilt Cumberland County, Pennsylvania, died testate on November 17, 2005. 2. The Decedent was survived by his wife, Mary E. Allyn (the "Wife"), and by his two adult children~ Susan Jean Ratcliff and Linda Moore Lowrie (collectively, the "Daughters"). 3. The Husband's Last Will and Testament, dated August 6, 2004 (the "Husband's Will") was duly admitted to probate by the Register of Wills of Cumberland County, Pennsylvania (the "Register"), and entered of record as No. 2005-01035. 4. The Wife subsequently died testate on February 6, 2006, also having maintained her last permanent residence in Cumberland County, Pennsylvania. The Wife's Last Will and Testament, dated May 17, 1997 (the "Wife's Will") was duly admitted to probate by the Register. .../" The Husband's Will and the Wife's Will are hereinafter collectively referred to as the "Wills." 5 The Register has issued Letters Testamentary to J. Kenneth Lowrie'~d~~~fJli~f:i8~t\Jn) It!n08 S,NVHdtiO Hackett, as Co-Executors (collectively, the "Executors") of the probate estates of both t~ )1d318 OS :2 Wd 02 ~dV 900l ...1'""1, :J,.....t'..LI/\ (-J':;;-,t :t'{)JU ..,;\) .....JI./uJV ',....uti\..,....J.J(J Husband (the "Husband's Estate") and the Wife (the "Wife's Estate"). The Husband's Estate and the Wife's Estate are hereinafter referred to collectively as the "Estates". 6. Administration of the Estates is continuing, pending the preparation, filing and settlement of federal estate tax returns for both the Husband and the Wife (collectively, the "'Decedents"). 7. Under Article III of the Husband's Will, all of the Husband's household goods, personal effects and other tangible personal property (collectively the "Tangibles") was/were specifically bequeathed to the Wife. 8. Article SECOND of the Wife's Will provides the following disposition for her Tangibles (including those items received from the Husband's Estate): SECOND: I give my tangible personal property and all casualty insurance that I am carrying on said tangible personal property to my husband, Russell E. Allyn, or, ifhe does not survive me, I give said property to such of my children who are living at my death to be divided equitably among or between them as they may determine, or, if they are unable to agree, as my Executor shall determine, after considering the wishes of such children. I have complete confidence that my husband, my children or my Executor will honor any written instructions that I may leave with regard to said tangible personal property. Any such property not so distributed shall be sold, and the proceeds added to my residuary estate to pass as hereafter described. 9. The Executors have distributed all of the Decedents' Tangibles to the Daughters, equally, or have otherwise sold and disposed of the Tangibles in accordance with the instructions of the Daughters and in accordance with the terms of Article SECOND of the Wife's Will. -2- Accordingly, the Daughters are willing to sign this Agreement in order to release the Executors concerning the sale and disposition of the Tangibles by the Executors. 10. Per the Husband's Will, the residue of the Husband's Estate is to be divided into one or more trusts for the lifetime benefit of the Wife, with subsequent division and distribution equally to the Daughters, upon the death of the Wife. The Wife's Will contains similar trust provisions for the lifetime benefit of the Husband (if he survives the Wife), with a final disposition of all such trust property to be made equally and outright to the Daughters, upon the death of the Husband. The Executors have not yet determined the exact division and funding amounts for the trusts set forth in the Wills. Nevertheless, the Daughters are now equal residuary legatees of any and all such trust property of the Estates. Accordingly, the Daughters are each entitled to receive outright distribution of their respective fifty percent (50%) shares of the residue of the Estates, after payment of the Decedents' final taxes and expenses, etc. 11. The Executors are also designated in the Wills to serve as trustees of all trusts created therein. The Executors (as such and in their fiduciary capacity as testamentary trustees) now desire to distribute a combined total of One Million Dollars ($1,000,000) to each of the Daughters, equally, with the same to be paid equally from each of the Estates, in partial satisfaction of the Daughters' rights in the Estates, whether under the Wills or otherwise, including their rights under the trusts described in the Wills. 12. The Executors (as such and in their fiduciary capacity as testamentary trustees) are willing to make the aforesaid distributions in consideration of the indemnifications hereinafter provided. -3- NOW THEREFORE, in consideration of the foregoing, and intending to be legally bound, individually and jointly and severally, the Daughters, for themselves and for their respective heirs, personal representatives, successors and assigns, agree as follows, to wit: A. Represent and warrant that they have read and understand this Agreement and confirm that the facts set forth above are true and correct, to the best of their knowledge, information and belief. B. To the extent of the below-described interim distributions, the Daughters hereby absolutely and irrevocably remise, release, quit-claim and forever discharge the Executors, including their personal representatives and successors, of and from any and all actions, payments, accounts, reckonings, liabilities, claims and demands relating in any way to the Estates and/or to the Wills, including through the trusts provided therein. C. The Daughters each ratify and approve the Executors' sale and disposition of the Tangibles, as well as acknowledge their respective receipt of one-half of the unsold Tangibles. The Daughters further acknowledge receipt of the sum of One Million Dollars ($1,000,000), paid unto each of them, in the amount of Five Hundred Thousand Dollars ($500,000) from the Wife's Estate and Five Hundred Thousand Dollars ($500,000) from the Husband's Estate, in partial satisfaction of their respective rights in the Estates, whether under the Wills or otherwise, including through the trusts provided therein. D. Agree to refund, on demand, all or any part of any aforesaid distributions, which have been determined by the Executors, or either of them, or by the Orphans' Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania (the "Court"), or by any court of competent jurisdiction to have been improperly made. E. To the extent of the aforesaid interim distributions to each of them, the Daughters each agree to indemnify and hold harmless the Executors, or either of them, together with their attorneys, agents, employees, predecessors, successors and assigns, from and against any and all claims, loss, liability or damage that may hereafter be asserted against the Executors, with respect to the matters set forth in this Agreement. F. Acknowledge that this Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. -4- G. Consent to the Court exercising personal jurisdiction over them in any suit or action arising out of the enforcement of this Agreement. IN WITNESS WHEREOF, the parties hereunder have set their hands and seals to the Consents attached hereto, to be effective as of the date first above written. -5- CONSENT TO RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT CONCERNING INTERIM DISTRIBUTION FROM ESTATES AND TRUSTS SUSAN JEAN RATCLIFF, as a specific and residuary legatee of the Estates and Trusts of Russell E. Allyn, deceased, and Mary E. Allyn, deceased, hereby consents to and joins in the Receipt, Release, Refunding and Indemnity Agreement Concerning Interim Distribution from Estaies and Trusts, a copy \vhich has been provided t COMMONWEALTH OF VIRGINIA CITY/COUNTY OF ~ SS On this, the ~ day of /JP Y J' L , 2006, before me, the undersigned officer, personally appeared SUSAN JEAN RATCLIFF, known to me (or satisfa orily proven) to be the person whose name is subscribed to the within instrument, and acknow ged that she executed the same as her free and voluntary act for the purposes expressed ther IN WITNESS WHEREOF, I have hereunder s my hand and } ^ U \- u , ,-!' .------ I \',1 " ) ~ ~ r. d / P ~ 18@O 7 CONSENT TO RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT CONCERNING INTERIM DISTRIBUTION FROM ESTATES AND TRUSTS LINDA MOORE LOWRIE, as a specific and residuary legatee of the Estates and Trusts of Russell E. Allyn, deceased, and Mary E. Allyn, deceased, hereby consents to and joins in the Receipt, Release, Refunding and Indemnity Agreement Concerning Interim Distribution from Estates and Trusts, a copy which has been provided to her, for the purposes expressed therein. ~~~~~~ COMMONWEALTH OF VIRGINIA CITY/COUNTY OF Akx~,,- ss On this, the rday of ~ I , 2006, before me, the undersigned officer, personally appeared LINDA MOORE LOWRIE, 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 as her free and voluntary act for the purposes expressed therein. IN WITNESS WHEREOF, I have hereunder set my hand and official seal. \\\\UllUIIII/'6 ~ ~ bt: ~ -~ \\\ "'L -:-.,,\ ~ K AI ~~ t P bl' ~ .\..~~...:..:.....1.I.r~ ~ 0 ary U IC ~ c;-.....:..ON W~.:;.. (\ ~ ~ 0 ..~~. -r<:... OS 2 '>:0 ~~:: ~ EO Of ~ E ~ \ f ~ ~ .... .... g ~ ..... VIRG\~~ CJ ~ ~ 1\1: .............o.\S ~ "//1 OrARY ~uv \\'~ 1I111 IllIft '" \ \\ \\\ -----