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Home My WebLink About12-11-06 IN THE MATTER OF THE ESTATE OF DORA K. KANARR, DECEASED IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION No. 2006-00433 RECEIPT, RELEASE, REFUNDING AND INDEMNITY AGREEMENT FOR TERMINATION OF WILLIAM AND DORA KANARR TRUST UIA 10-26-90.. AS AMENDED THIS AGREEMENT (the "Agreement"), dated as of and intended to be effective on the 31 st day of August, 2006, is entered into by and among the hereinafter named persons (collectively, the "Parties"), namely Charlotte L. James, in her individual and fiduciary capacities as more particularly described herein, Patricia A. Wech (f/k/a Patricia A. Kanarr), Christine M. Baus (f/k/a Christine M. LeVan), Alyssa M. James, individually and as Custodian under the Pennsylvania Uniform Transfers to Minors Act for Brendon A. James, Richard W. Kanarr, Jocelyn Lindsay, as Custodian under the Pennsylvania Uniform Transfers to Minors Act for underage beneficiaries Jerica Ruth Lahr, and Andrew K. LeVan, Jr., and Wachovia ....., Ii.":":::> Bank, N.A., in its fiduciary capacity as more particularly described herein. All oft~~ove- ~ ~7~~o [.q named natural persons are hereinafter referred to collectively as the "Beneficiaries. '~! ~!5 F;:; ~::; 07j .~ ~_~~ ~3 ~~ c ')t_ ;- J.J ~-1 THE CIRCUMSTANCES leading up to the execution of this Agreement are as follows: WITNESSETH: 1. Dora K. Kanarr (the "Decedent"), late of Upper Allen Township, Cumberland County, Pennsylvania, died'testate on May 16,2006. William R. Kanarr, husband of the Decedent, predeceased his wife. - 1 - J v :x: :J:J !"." I c~ C) {i~~ cj C"",> 0 -rj~,::',:."t :~~.~ ?5 !' r,'l t:--) ;"'fl '" N -J 2. On May 19, 2006, the Register of Wills of Cumberland County, Pennsylvania, issued Letters Testamentary for the Decedent's probate estate (the "Estate") to Charlotte L. James as executor (the "Executor"). 3. On October 26, 1990, Decedent and her late husband, William R. Kanarr, (collectively, "Settlors") established the William and Dora Kanarr Trust, which was amended on August 14, 1995 and again on January 22, 1999 (hereinafter, collectively the "Trust"). The Trust was established for the lifetime benefit of the Settlors. The current Trustee of the Trust is Wachovia Bank, N.A, successor by merger of Core States Bank, N.A., First Union National Bank, and Hamilton Bank, (hereinafter, collectively, "Wachovia"). 4. By Article SECOND of the Decedent's Last Will and Testament dated May 10, 2002 (the "Wilr'),she gave the rest, residue and remainder of the Estate to the Trust; therefore, the Beneficiaries (under the Trust) are also the residuary legatees of the Estate. 5. Section 2.05 of the Trust Agreement granted the second Settlor to die a testamentary power to appoint any accrued or undistributed trust property to herself, to her estate, to her creditors, or to creditors of her estate, by specifically referencing the Trust in accordance therewith. 6. As the second Settlor to die, the Decedent exercised such testamentary power of appointment by Article SEVENTH of the Will, which provides, in relevant part: I hereby exercise to the extent herein provided, the power of appointment granted to me under Article 2.05 of the Trust Agreement between William R. Kanarr and Dora K. Kanarr as Settlors and Hamilton Bank as Trustee, dated October 26, 1990, as amended as follows: (1) The Trustee shall distribute the entire remaining part or all of the trust estate, including any accrued or undistributed income, among the following - 2- beneficiaries, or if a beneficiary shall not survive to the distribution date, then to such deceased beneficiary's then-surviving issue (not including Andrew K. LeVan, Sr.), per stirpes: Charlotte L. James (my daughter) . . . . . . . . . . . . .. 27% Richard W. Kanarr (my son). . . . . . . . . . . . . . . . . . 5% Patti W. Kanarr (my daughter-in-law) . . . . . . . . . . . 5% Christine M. LeVan (my granddaughter). . . . . . . .. 9% Alyssa M. James (my granddaughter) . . . . . . . . . .. 16% Andrew K. LeVan, Jr. (my great-grandson). . . . .. 18% Brendon A. James (my great-grandson) . . . . . . . .. 18% Jerica Ruth Lahr (daughter of Jocelyn LeVan) . . . .. 2% 100% 7. All of the Beneficiaries desire Wachovia to terminate the Trust and to distribute all of its assets in accordance with Article SEVENTH of the Will, i.e., to the Beneficiaries, through an informal procedure, as set forth herein, in order to avoid the expense and delay involved with a formal adjudication of a First and Final Account of the Trust by the Orphans' Court Division of the Court of Common Pleas of Cumberland County, Pennsylvania (the '"Court"). In consideration of the execution of this Agreement by all Beneficiaries, Wachovia is willing to terminate the Trust and to distribute the assets of the Trust as shown on the Schedule of Distribution (the "Schedule"), which is attached hereto as Exhibit A and incorporated herein by this reference. 8. The Beneficiaries wish to receive all future distributions from the Estate and/or from the Trust directly from the Executor, and now desire to release Wachovia completely from any and all future involvement in such distributions, whether from the Estate or otherwise. In consideration of the indemnifications hereinafter provided to it, Wachovia is willing to terminate the Trust as hereinafter provided, and to permit the Executor to make all future distributions from - 3 - the Estate directly to the Beneficiaries, in the proportions specified in Article Seventh of the Will. 9. Certain of the Beneficiaries have outstanding loan obligations due to the Estate. As set forth on the Schedule, the amounts otherwise distributable (from the Trust) to those Beneficiaries will instead be paid to the Executor in full or partial satisfaction of such Beneficiaries' respective loan obligations to the Estate, as more particularly set forth on the Schedule. 10. Article 4.07 of the Trust Agreement authorizes, inter alia, Wachovia to designate a Custodian under the Pennsylvania Uniform Transfers to Minors Act, for any beneficiary who is under age 25. Wachovia has agreed to appoint Alyssa M. James as such Custodian for Brendan A. James~ and to appoint Jocelyn Lindsay as such Custodian for Andrew K. LeVan, Jr. and for Jerica R. Lahr. NOW THEREFORE, in consideration of the foregoing, and intending to be legally bound hereby, the Beneficiaries, the Executor and the Trustee, for themselves, their heirs, personal representatives, successors, and assigns, hereby agree as follows, to wit: A. The Parties 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. The Beneficiaries (and each of them, individually and in any fiduciary capacities) are satisfied that they have sufficient information to make an informed waiver of their rights to a formal accounting of the Trust by the Court, and that they do hereby waive the filing and auditing of the same. C. The Beneficiaries and the Executor absolutely and irrevocably remise, release, quit-claim and forever discharge the Trustee, including its successors, of and from any and all actions, payments, accounts, reckonings, liabilities, claims and demands relating in any way to the Trust, to the Will and to the Estate. - 4- D. The Beneficiaries acknowledge receipt of their respective distributive shares of the Trust, as shown on the Schedule, in the percentages indicated in Article SEVENTH of the Will, reduced by any outstanding loans owed to the Estate, which loan satisfactions or reductions are hereby confirmed by the Executor, as set forth on the Schedule. E. The Beneficiaries, severally and not jointly, agree to indemnify and hold harmless the Trustee and/or the Executor together with their respective 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 Trustee and/or the Executor, with respect to the matters set forth in this Agreement. F. The-Parties acknowledge that this Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. G. The Parties consent to the Court exercising personal jurisdiction over them in any suit or action arising out of the enforcement in any suit or action arising out of the enforcement of this Agreement. IN WITNESS WHEREOF, the Parties have executed the attached Consents to this Agreement on the date first above written. - 5 - IN THE MATTER OF THE ESTATE OF DORA K. KANARR, . DECEASED IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION No. 2006-00433 CONSENT TO RECEIPT, RELEASE REFUNDING AND INDEMNITY AGREEMENT FOR TERMINATION OF WILLIAM AND DORA KANARR TRUST UtA 10-26-90.. AS AMENDED THE UNDERSIGNED, CHARLOTTE L. JAMES, in the capacities indicated below, hereby consents to the Receipt, Release Refunding and Indemnity Agreement For The Termination of William and Dora Kanarr Trust UI A, dated October 26, 1990, As Amended (the "Release")~ a copy of which, including Exhibit A thereto, has been provided to her. ~f.~ CHARLOTTE L. fAMES, individually and as Executor of the Estate of Dora K. Kanarr, Deceased COMMONWEALTH OF VIRGINIA SS. CITY/COUNTY OF VIRGINIA BEACH ...(~ On this~ the ~ day of -\(1\'\1.).( r: 2006. before me, the undersigned officer, personally appeared CHARLOT L. JAMES, 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, in the capacities indicated, for the purposes expressed therein. IN WITNESS WHEREOF, I have hereunto set my hand and official seal. ~ ,C-L- . , Notary P Ii ~"-c,J :s: A,j I-r'AI fV1r11S'SIcJ-J ~'fnrr<.? '3 f'3 tj'd"? - 6- IN THE MATTER OF THE ESTATE OF DORA K. KANARR, DECEASED IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION No. 2006-00433 CONSENT TO RECEIPT, RELEASE REFUNDING AND INDEMNITY AGREEMENT FOR TERMINATION OF WILLIAM AND DORA KANARR TRUST UIA 10-26-90. AS AMENDED THE UNDERSIGNED, PATRICIA A. WECH, flk/a Patricia A. Kanarr, hereby consents to the Receipt, Release Refunding and Indemnity Agreement For Termination of William and Dora Kanarr Trust U/A, dated October 26, 1990, As Amended (the "Release"), a copy of which, including Exhibit A thereto, has been provided to her. ~oJ.~.'~ tLN?(1~ PATRICIAA. WECH COMMONWEAL TH OF PENNSYLVANIA SS. COUNTY OF CUMBERLAND On this, the ~ day of ~ff\ber , 2006, before me, the undersigned officer, personally appeared PATRICIA A. WECH, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that she executed the sa..1J1e as her free and voluntary act for the purposes expressed therein. IN WITNESS WHEREOF, I have hereunto set my hand and official seal. COMMoNwEALTH OF PENNSYLVANIA NotarlaJ Seal Beu8rIy K. Morgan, Notary PtbJIc Upper Allen Twp., Ctmbertand County MyO:ll'R'lW,n Expires July 7, 2009 Member, Pennsylvania Association of Notaries ~~ - 7 - IN THE MA ITER OF THE ESTATE OF . . . DORA K. KANARR, DECEASED ., . IN THE COURT OF COMMON PLEAS CUMBERLA."ND COUNTY; PENNSYLVANIA ORPHANS' COURT DIVISION No. 2006-00433 CONSENT TO RECEIPT, RELEASE REFUNDING AND INDEMNITY AGREEMENT FOR TERMINATION OF WILLIAM AND DORA KANAn TRUST UtA 10-26-90. AS AMENDED .~ THE UNDERSIGNED, CHRISTINE M BAUS, hereby consents to the Receipt, Release Refuriding and Indemnity Agreement For Termination of William and Dora Kanazr Ttust UI A, dated October 26. 199~ As Amended (the "Release"), a copy of which, including Exhibit A thereto, has been provided to her. C STATE OF SOUTH CAROLINA COUNtY OF 1JG"\. ~ On this, the Gfh. day of lli".,~ . 2006, before me, the undersigned officer. personally appeared CHRISTINE M. BAUS, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and aclmowledged that she executed the same as her free and voluntary act for the purposes expressed therein. SS. IN WITNESS WHEREOF, I have hereunto set my hand and official seal. !~t~~ Mr ~l'L. -'1\- J' k "'-1'. - 8 - IN THE MATTER OF THE ESTATE OF DORA K. KANARR, DECEASED IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION No. 2006-00433 CONSENT TO RECEIPT, RELEASE REFUNDING AND INDEMNITY AGREEMENT FOR TERMINATION OF WILLIAM AND DORA KANARR TRUST UIA 10-26-90. AS AMENDED THE UNDERSIGNED, ALYSSA M. JAMES, in the capacities indicated below, hereby consents to the Receipt, Release Refunding and Indemnity Agreement For Termination of William and Dora Kanarr Trust UIA, dated October 26, 1990, As Amended (the "Release"), a copy of which, including Exhibit A thereto, has been provided to her. ,/h AL YSSA! M. JAMES, I ividually and as Custodian Under the Pennsylvania Uniform Transfers to Minors Act for Brendon A. James COMMONWEALTH OF VIRGINIA SS. CITY/COUNTY OF VIRGINIA REACH On this, the 11, day of ~ ' 2006, before me, the undersigned officer, personally appeared ALYSSA M. JAMES, 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 hereunto set my hand and official seal. Oio~' ~ ~. E:t"-'- 30( 'lDlD - 9- IN THE MATTER OF THE ESTATE OF DORA K. KANARR, DECEASED IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION No. 2006-00433 CONSENT TO RECEIPT, RELEASE REFUNDING AND INDEMNITY AGREEMENT FOR TERMINATION OF WILLIAM AND DORA KANARR TRUST UIA 10-26-90. AS AMENDED THE UNDERSIGNED, RICHARD W. KANARR, hereby consents to the Receipt, Release Refunding and Indemnity Agreement For Termination of William and Dora Kanarr Trust UIA, dated October 26, 1990, As Amended (the "Release"), a copy of which, including Exhibit A thereto, has been provided to him. ~ful~ RICHARD W. KANARR COMMON\VEAL TH OF PENNSYLVANIA SS. COUNTY OF DAUPHIN On this, the 3 day of CJ e -(:- , 2006, before me, the undersigned officer, personally appeared RICHARD W. KANARR, 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 as his free and voluntary act for the purposes expressed therein. IN WITNESS WHEREOF, I have hereunto set my ~ seal. Notary public ~ c.;OMMONWE,,!TH OF PENNSYLVANIA NOTARIAl. SEAL O,!\,IGHT SOL~ENBERGER, Notary Public City of ~a~nsbllr~, Dauphin County My Comm!sslon Expires March 16, 2010 ,- 10- IN THE MATTER OF THE ESTATE OF DORA K. KANARR, DECEASED IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION No. 2006-00433 CONSENT TO RECEIPT, RELEASE REFUNDING AND INDEMNITY AGREEMENT FOR TERMINATION OF WILLIAM AND DORA KANARR TRUST UIA 10-26-90. AS AMENDED THE UNDERSIGNED, JOCELYN LINDSAY, in the fiduciary capacities indicated below, hereby consents to the Receipt, Release Refunding and Indemnity Agreement For Termination of William and Dora Kanarr Trust UI A, dated October 26, 1990, As Amended (the "Release"), a copy of which, including Exhibit A thereto, has been provided to her. ~ II,,). J&?f~DSJO..Y ~todian for '"'I Jerica Ruth Lahr an~ Andrew K. LeVan, Jr. Under the Pennsylvania Uniform Transfers to Minors Act COMMONWEAL TH OF PENNSYLVANIA COUNTY Or0) ILu.fh;AJ On this, the /.,fJ- day of ~ ; , 2006, before me, the undersigned officer, personally appeared JOCE{YN LINDSEY, 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, in the capacities indicated, as her free and voluntary act for the purposes expressed therein. SS. IN WITNESS WHEREOF, I have hereunto set my hand and official seal. /: COMMONWEAlTH OF P Notarial Seal Kathleen M. Lyle, Notary Public Upper Paxton Twp., Dauphin County My CommIssiOI"I Expires July 25, 2010 Member, Pennsylvania Association of Notaries - 11 - IN THE MATTER OF THE ESTATE OF DORA K. KANARR, DECEASED IN THE COURT OF COMMON PLEAS CUMBERLAND COUNTY, PENNSYLVANIA ORPHANS' COURT DIVISION No. 2006-00433 CONSENT TO RECEIPT, RELEASE REFUNDING AND INDEMNITY AGREEMENT FOR TERMINATION OF WILLIAl'\1 AND DORA KANARR TRUST UtA 10-26-90. AS AMENDED THE UNDERSIGNED, W ACHOVIA BANK, N.A., in its capacity as Trustee of the William and Dora Kanarr Trust UIA 10-26-90, hereby consents to the Receipt, Release Refunding and Indemnity Agreement For Termination of William and Dora Kanarr Trust UI A, dated October 26, 1990, As Amended (the "Release"), a copy of which, including Exhibit A thereto, has been provided to it. W ACHOVIA BANK, N.A. By:4.~ -€I V~:..-- ~EA'es ~ S. b j '/IIAHl>S , Vice President COMMONWEAH OF PENNSYLVANIA COUNTY OF ~~~(~~ SS. On this, the ~ dav of vi ~AAj. ~' before me, the undersigned officer, personally appeare , who acknowledged ~f/herself to be a Vice President and Trust Officer of W ACHOVIA BANK, N .A., and that .lM.'she, as such officer being authorized so to do, executed the foregoing instrument for the purposes therein contained by signing the name of such bank or trust company by ~h~(JJlfJherself as such officer. IN WITNESS WHEREOF, I have hereunto set . hand and offi i / ;" - 12- COMMONWEAI:Eti9F PENNSYLVANIA NOt:Jf;Sl Seal Oaire H. Johnstoa. Notary Public City Of Philadelphia. f-'hiladelphia County My Commissio....\ Expires Sept. 28. 2008 Member. Pennsylvania f\!lso(".iat!o!\ Of Notaries Estate and Trust of Dora K. Kanarr, Deceased Schedule of Distribution from William and Dora K. Kanarr Trust U/A dated 10/26/90 and Exercise of Power of Aooointment bv Dora K. Kanarr under her Will AUQust31.2006 Beneficiary SSN: % of Gross Dist. Less Loan Net Dist. residue Repayment To Executor XXX-XX-1045 27% $ 43,821.23 $ (8,097.74) $ 35,723.49 Charlotte L. James 930 Wildwood Square Court Virginia Beach, VA 23454-3551 Andrew Kurt LeVan, Jr., UTMA XXX-XX-5616 114 Market St., PO Box 83 DaB: 12/229/88 Halifax, PA 17032 See Note 2 Jerica Ruth Lahr, UTMA 893 S. Crossroads Lykens, PA 17048 See Note 2 XXX-XX-5495 DaB: 2/1/84 Patricia A. Wech f/k/a Patricia A. Kanarr 714 Range End Road Dillsburg, PA 17019 XXX-XX-6730 Christine M. Baus XXX-XX-0716 f/k/a Christine M LeVan 975 Bacons Bridge Rd #148-314 Summerville, SC 29485 Alyssa M. James XXX-XX-7973 1204 Pipers Crescent, Apt 311 Virginia Beach, VA 23454 Brendon A. James, UTMA same address as above See Note 3 XXX-XX-1528 DaB: 1/28/00 Richard W. Kanarr 3102 Prince St Harrisburg, PA 17111 XXX-XX-4340 18% $ 29,214.16 $ $ 29,214.16 2% $ 3,246.02 $ $ 3,246.02 5% $ 8,115.04 $ $ 8,115.04 9% $ 14,607.08 $ (14,607.08) $ See Note 1 16% $ 25,968.14 $ (4,223.32) $ 21,744.82 18% $ 29,214.16 $ $ 29,214.16 5% $ 8,115.04 $ $ 8,115.04 100% $ 162,300.87 $ (26,928.14) $ 135,372.73 Note 1: Christine M. Baus is indebted to the Estate of Dora K. Kanarr for the following outstanding loans: $18,658.22 less ($14,602.08) payment applied = $4,051.14 + $6,833..63 = $10,884.77 Note Balances Note 2: Under the authority of Section 4.07 of the Trust Agreement, distribution for the above-named under- age beneficiary is being made to Jocelyn Lindsay as Custodian under the Pennsylvania Uniform Transfers to Minor's Act until such underage beneficiary attains age 25. Note 3: Under the authority of Section 4.07 of the Trust Agreement, distribution for Brendan A. James is being made to Alyssa M. James as Custodian under the Pennsylvania Uniform Transfers to Minors Act until he attains age 25. EXRlBll A