HomeMy WebLinkAbout08-23-06
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INRE:
AUG 1 4 200V
IN THE COURT OF COMMON PLEAS
CUMBERLAND COUNTY
COMMONWEAL TH OF PENNSYL VANIA
AL VIN A. ADAMS, JOYCE U. ADAMS,
HIS WIFE, AND LARRY E. ADAMS,
THEIR SON, WITH DAUPHIN DEPOSIT
BANK AND TRUST COMPANY
FOR THE BENEFIT OF LARRY ADAMS
DATED 25 FEBRUARY 1972
ORPHANS' COURT DIVISION
NO. 21 - 06 - 0395
ORDER OF COURT
AND NOW 1HIS -.UL day of J4 " B U ~ t , A.D. 2006, after
consideration of the PETITION FOR APPROVAL F REVOCATION AND
DISSOLUTION OF TRUST AND TO RELEASE FORMER CORPORATE TRUSTEE
AND TO AUTHORIZE AND DIRECT THE TRANSFER, ASSIGNMENT AND
SETTING OVER OF ALL TRUST ASSETS, it is hereby ORDERED AND DECREED as
follows (per authority under PEF Code Sections 711 (1), (3), and (12); 722; and 724:
(a.) The said Petition's prayer in relation to the above-captioned Trust of February 25,
1992 is granted in general and this Court makes the hereinbelow specific further
orders:
(b.) Trustee, Manufacturers and Traders Trust Company, its tirst and final accounting'
filed May 3, 2006, having been confirmed by this Court on June 20,2006, shall
make an updated final report of assets, income, and expenses incurred and
accrued from the last accounted for date of April 25, 2006.
(c.) The remaining balance of principal and income accrued or accumulated thereon
are to be promptly and effectively assigned, transferred, and set over to PNC
BANK, NATIONAL ASSOCIATION, acting as Trustee for Larry E. Adams.
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(d.)
The assignment, transfer, and set over may be accomplished by transfer in kind, in
- cash after the liquidation of securities, or by a combination of the same in the
mode and manner as finally reasonably requested by PNC BANK, NATIONAL
ASSOCIA TION, in its capacity as Trustee. PNC, acting in said capacity and
Larry E. Adams, in his own right, shall provide the usual and customary final
receipt and release to Manufacturers and Traders Trust Company, Trustee.
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(e.) Upon the completion of items (b), (c), and (d) above, the said Trust of February
25, 1992, will be officially, formally, and finally revoked and dissolved and
current Trustee, Manufacturers and Traders Trust Company, will be relieved and
released from any further duties, liabilities and responsibilities, excepting that it
shall reasonably, promptly, and attentively cooperate if requested to provide any
additional information or documentation in connection with tax preparation or for
other similar reasonable causes and purposes.
(f.) PNC BANK, NATIONAL ASSOCIATION, and Larry E. Adams, in consultation
with their respective counsels shall be free to determine the proportions of the
Trust assets to be given to PNC BANK, NATIONAL ASSOCIATION to be
administered by it as Trustee and the proportion, if any there be, to be given
directly to Larry E. Adams, as an individual in his own right.
By the Court,
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