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HomeMy WebLinkAbout11-06-06 ~ ;i-/-O{P- ()/53 IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION ESTATE OF RALPH E. RICE, DECEASED RECEIPT, RELEASE AND INDEMNIFICATION AGREEMENT ,..., . g :CJ This Receipt, Release and Indemnification Agreement (hereinafter called tl~h~~lease'g gi~;~i this Jfl~ Day of October, 2006, by PATRICIA M. RICE, 910 Myersto~~d, ~dn,~ ~~ \-.- :'".'''' 11"\ "'-r:-} ,"-:; Pennsylvania 17324, (hereinafter called the "Beneficiary") to and in favor of Manufac~ ancPtrad~~ C~) Trust Company, Executor of the Ralph E. Rice Estate (hereinafter called the "Bank")....; 8 ~~ ~ -n ~ WITNESSETH::') ~ ~ ,/, rTl :v . WHEREAS, the Beneficiary, pursuant to the Last Will and Testament of"Ralph E. ~ce is beneficially interested in the above referenced estate; and WHEREAS, it is the intention and desire of the Beneficiary that the Bank make the distribution described herein; NOW, THEREFORE, intending to be legally bound hereby, the Beneficiary represents, warrants, covenants and agrees as follows: .1. Examination of Formal Accounting. The Beneficiary does hereby declare that they have examined and approved the formal accounting submitted to the Beneficiary by the Bank and finds the same to be true, correct and satisfactory in all respects. 2. Receipt. The Beneficiary requests the above named Bank to make distribution of the following property (adjusted for subsequent income and expenses) and effective upon delivery to the undersigned of the property shown as distributable, acknowledges receipt of such property. Real Estate, 892-894 Torway Road, Gardners, P A, as appraised 228,000.00 Principal Cash 37,952.83 Income Cash 811.38 $266,764.21 The Beneficiary does further acknowledge that the aforesaid distribution represents the Beneficiary's entire interest in the above referenced estate and is being made in full and complete satisfaction thereof. 3. Release. Having reviewed and examined the said formal accounting, and upon having received the above described property distribution, the Beneficiary does by these presents remise, release, quit-claim and forever discharge the Bank, its employees, successors and assigns, from all actions, suits, payments, accounts, reckonings, claims and demands whatsoever, for or by reason of its administration of the above referenced estate, or any other act, matter, cause or thing whatsoever. 4. Indemnification. The Beneficiary agrees to indemnify the Bank and hold it harmless, to the extent of any funds or assets received by the Beneficiary hereunder, from and against the Beneficiary's . .. .. pro rata share of any and all liabilities, losses, damages, costs, verdicts, judgments, awards and expenses (including attorney's fees and other costs or expenses of defense) to which the Bank may be subjected by reason of its administration of the estate, as well as the settlement thereof by means of an informal distribution. The Beneficiary further agrees to: 1. Refund or return, promptly upon the Bank's written demand, any funds or assets distributed by the Bank to the Beneficiary, if the distribution thereof is determined at any time to have been an erroneous or negligent distribution to the Beneficiary, whether such error or negligence was or was claimed to have been premised upon a mistake of law or of fact. 2. Modify and displace any otherwise applicable period limiting the time within which the Bank's action to collect an erroneous or negligent distribution must be commenced, so as to provide that the Bank need not commence an action to collect an erroneous or negligent distribution to the Beneficiary until two (2) years after such time as the Bank shall have obtained actual knowledge of such error or negligence. The provisions of this Release shall be deemed severable in the event that one or more thereof shall be deemed invalid or unenforceable, with the effect that the remaining provisions shall persist as if such invalid or unenforceable provision had never been a part hereof. In addition, the construction, effect, validity and performance of this Release shall be governed in all respects by the laws of the Commonwealth of Pennsylvania, without regard to its conflict of laws provision. This Release shall bind the Beneficiary, their heirs, representatives, successors, and assigns together with any person with respect to whom the Beneficiary is a natural or appointed guardian. The Beneficiary hereby acknowledges that this Release may be filed at any time, at the discretion of the Bank, with any court of competent jurisdiction, and the Beneficiary consents to any such filing. IN WITNESS WHEREOF, the Beneficiary has executed and sealed this Release on the date first above inscribed. QxLII6t-e.-/ ~ ~ PATRICIA M. RICE Social Security No.: /44 ..;:to - L~ ~ I "3 COMMONWEALTH OF PENNSYLVANIA: COUNTY OF CUMBERLAND On this a1"11l day of October, 2006, before me, the undersigned authority, personally came PATRICIA M. RICE, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within Release and acknowledged that s/he executed the same for the purpose therein contained. Witness my hand and official seal the day and date aforesaid. COMMONWEALTH OF PENNSYLVANIA Not8rIaI Seal Ka1hy J. LaUghman,Notary Public CartisIe Bolo, CUmbEIdand Coonty My CommiSSion ~ _2fl.~ Member, Pennsylvania AeeocI<<tIon of Nota~es (SEAL)