CHAPTER XXII SETTLOR AND TRUSTEE No. 387-Deed of trust, conveying personal property to trustees in trust, to pay income to settlor, during life, and, thirty days after death, to pay principal to his widow, if living, or to her appointee by will, and, in default of appointment, to settlor's executors, unless widow predeceases him, in which event trust fund is to be returned to settlor. No. 388-Deed of trust, conveying personal property to trustees, to invest and apply income to use of settlor's daughter, and, at her death, to pay principal and accumulated income to person appointed by her, and, in default thereof, to her issue, and, in default of issue, to pay the same to other children of settlor or their issue. No. 389-Deed of trust, conveying real property to trustee to apply the income therefrom to the payment of settlor's debts and to pay fixed sum to settlor, with direction to convey the unsold property or the proceeds of any sale, to settlor's next of kin, upon settlor's death. No. 390-Deed of trust, conveying real and personal property to trustee, to pay income to settlor and settlor's children, and, upon settlor's death, to divide the property among the settlor's children and grandchildren. No. 391-Deed of trust by husband and wife, conveying real and personal property to trustee, to divide income equally between them, during their joint lives, and, upon death of either, to divide corpus into two equal parts, and transfer one to their then living child, or children, and to hold other part and pay income therefrom to survivor for life, and, upon survivor's death, to transfer such part to their then living child and children of any deceased child, and, upon death of both settlors, leaving no children, or grandchildren, to convey the part to husband's then surviving next of kin. No. 392-Trust indenture, providing for issue of one million dollars of ten year six per cent sinking fund gold bonds. No. 393-Voting trust agreement. No. 387. Deed of trust, conveying personal property to trustees in trust to pay income to settlor, during life, and, thirty days after death, to pay principal to his widow, if living, or to her appointee by will, and, in default of appointment, to settlor's executors, unless widow predeceases him, in which event trust fund is to be returned to settlor.1 THIS AGREEMENT, made January 5, 1923, between John Doe, residing at No. 112 Broadway, Borough of Manhattan, New York City (herein called the "Settlor"), and Richard Roe and Henry Koe, residing at No. 371⁄2 Broadway, Borough of Manhattan, New York City (herein called the "Trustees"), WITNESSETH: WHEREAS, the Settlor desires to relieve himself of the care of a portion of his estate, and, for that purpose, desires to establish a trust, upon the conditions, and for the uses and purposes, hereinafter set forth: NOW, THEREFORE, IT IS HEREBY MUTUALLY AGREED, AS FOLLOWS: FIRST: The Settlor hereby gives, grants, transfers and sets over unto the said Trustees, and their successors, the sum of one hundred thousand ($100,000) dollars, TO HAVE AND TO HOLD the same unto the said Trustees, and their successors, IN TRUST, NEVERTHELESS, for the following uses and purposes: 1. To invest, reinvest, and, from time to time, change the investment of the said principal sum, and to receive the rents, issues, profits and income therefrom derived, and to pay therefrom the expenses of investment, taxes, assessments, insurance and all other necessary and proper charges and expenses incident to the performance of the trusts hereby created, and to pay over the net balance of said income, in at least semi-annual installments, to the Settlor, so long as he shall live, except as hereinafter otherwise provided. 2. Upon the death of the Settlor, and within thirty (30) days thereafter, if his wife, Mary Doe, shall then be living, to pay over 1 Adapted from In re Garcia's Estate (1918), 183 App. Div. 712, 170 N. Y. Supp. 980. to the said Mary Doe the principal of the said sum, either in cash, or in such securities as the same may be then invested, together with any income then accrued, and not yet paid to the Settlor; but, if the said Mary Doe should die, before such payment over to her is made, then to pay over the same to such person, or persons, as she shall, by her last will and testament, appoint and direct, or, if she should die intestate, then to pay over the same to the executors of the last will and testament of the Settlor, to be and become a part of the Settlor's residuary estate. 3. But, if the said wife of the Settlor shall die before the Settlor, then, upon her death, or within thirty (30) days thereafter, to pay over the said principal sum, either in cash or in securities (if the same shall then be invested in securities), together with any income then accrued and unpaid, to the Settlor, but, if the Settlor should die before such payment over to him is made, then to pay over the same to the executors of the last will and testament of the Settlor, to be and become a part of the residuary estate of the Settlor. 4. But if, at any time, during the joint lives of the Settlor and his wife, the said Settlor should, for any cause, or reason, whatsoever, be prevented, or forestalled, from receiving the whole of the net income, then, so long as the said Settlor shall be so prevented or forestalled, the said Trustees shall pay said net income to said Mary Doe, in at least semi-annual installments, and, upon the death of the Settlor, shall pay said principal sum to the said Mary Doe, as herein before provided; but, if his said wife, Mary Doe, shall die, while said Settlor is so prevented or forestalled, said Trustees shall thereafter apply said net income to the support and maintenance of the Settlor, and, upon his death, shall pay over said principal sum to the executors of the last will and testament of the said Settlor, to be and become a part of the residuary estate of the Settlor. 5. If either of said Trustees shall resign, or die, before the termination of the trust herein created, the remaining, or surviving, Trustee, shall have, and is hereby given, the power and authority to nominate and appoint a new Trustee as successor to the Trustee so resigning, or dying, by an instrument in writing, duly signed and executed by such remaining, or surviving, Trustee, and annexed hereto; and, thereupon, such new Trustee shall be vested with all the powers and duties granted to and imposed upon the Trustees herein named, including the power of appointing a suc cessor trustee. But, if both Trustees for the time being should resign, or die, without appointing any successor, or successors, then the Settlor shall have the power and authority to nominate and appoint a new Trustee, or Trustees hereunder, by an instrument in writing, duly signed and executed by said Settlor, and annexed hereto, or, at his election, by an instrument, in writing, duly signed and executed by said Settlor, to declare the trusts hereunder terminated and brought to an end, and to demand and receive payment of the said principal sum and any accrued interest thereon remaining unpaid from the then holders thereof. 6. The said Trustees hereby accept the trust herein created, and covenant and agree to and with the Settlor, in consideration thereof, that they will execute the same as herein provided, with all due fidelity, and will account for all moneys received by them hereunder, to the beneficiary hereunder, when thereunto properly and lawfully required; it being agreed that either of said Trustees, or their successor, or successors, may resign such trusteeship, and, upon properly accounting for all moneys received by him, or them, be thereupon discharged from any and all further liability hereunder; it being, also, agreed that said Trustees, and each of them, shall not be held accountable, or liable, for any error in judgment in the execution of said trust, nor shall either of them be held liable, or accountable, for the acts, or default, of the other. 7. It is further agreed that the Trustees, in investing the said principal sum, shall not be confined to the usual and customary so-called "legal investments" for trustees, such as securities of the United States, of the State of New York, and of the City of New York, railroad bonds, and bonds secured by mortgages covering improved real estate in the City of New York of not more than twothirds value thereof, in which, by law, savings banks of the State of New York are allowed to invest their funds, but the said Trustees are at liberty to make other and different investments, which, in their judgment, may seem proper, and the said Trustees shall not be liable or accountable for any depreciation in the value thereof, but the losses, if any there shall be, shall fall solely upon those beneficially interested in said trusts; and, if the said Trustees in making said investments, shall pay more than the par value for any investment, they shall not be obliged to establish a sinking fund, out of the income of such investments, for the repayment to the said principal of the sum so paid over and above par, but the entire income of said securities shall be paid and disbursed as hereinbefore provided. IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals, the day and year first above written. In the presence of John Doe (L.S.). Richard Roe (L.S.). No. 388. Deed of trust, conveying personal property to trustees, to invest and apply income to use of settlor's daughter, and, at her death, to pay principal and accumulated income to persons appointed by her, and, in default thereof, to her issue, and, in default of issue, to pay the same to other children of settlor or their issue.2 THIS INDENTURE, made January 5, 1923, by John Doe, residing at No. 111⁄2 Broadway, Borough of Manhattan, New York City (herein called the "First Party"), and Richard Roe and Henry Koe, residing at No. 371⁄2 Broadway, Borough of Manhattan, New York City (herein called the "Second Parties"), WITNESSETH: 1. That the First Party, in consideration of the premises, hereby passing, assigns, sets over and transfers to the Second Parties all his right, title and interest in (a) One hundred (100) shares of preferred stock of Doe. Telephone Company, and (b) Two hundred (200) shares of common stock of Doe Railway Company, and (c) Fifty (50) shares of preferred stock of Doe Steamship Company, which the Second Parties are to have and to hold, for and during the term of the natural life of Jane Doe, the daughter of the First Party, upon the special trust and confidence, to have and to hold. and invest the same, and to receive the income, rents, issues and profits arising therefrom, and to apply the same to the use, main "Adapted from In re Bowers Estate (1921), 195 App. Div. 548, 186 N. Y. Supp. 912; affd. (1921), 231 N. Y. 613, 132 N. E. 910. |