tenance and support of the said Jane Doe, and, upon her death, to pay over the principal and any accumulations of income to such person, or persons, and in such shares and lawful estates, as the said Jane Doe may nominate and appoint, by her last will and testament, or other written instrument, and, in default of the same, to pay and transfer the same to her issue per stirpes, and in default of such issue, to pay and transfer the same to George Doe and John Doe, Jr., sons of the First Party, in equal shares, the issue of either then deceased son taking its parent's share by representation; and, if either the said George Doe or John Doe, Jr., shall then be deceased leaving no issue, the survivor shall take the whole; and, if both the said George Doe and John Doe, Jr., shall be then deceased, only one leaving issue, such issue shall take the whole. 2. It is further expressly agreed: (a) That the Second Parties may invest the trust estate and the proceeds thereof in real estate, bonds secured by mortgage in Greater New York not exceeding two-thirds of the appraised value, or in bonds of railroads secured by mortgages, and in such bonds, stocks or other securities as are allowed by law for savings bank investments, and, further, in any securities whatsoever, which, during the lifetime of the First Party, may be approved by him. (b) That, upon the request of the said Jane Doe, and of the First Party, if the said First Party shall then be living, the Second Parties, and the survivor of them, and their, and his, successors or successor, may invest the whole, or any part, of the trust estate in a dwelling house, to be used as a residence for the said Jane Doe. (c) That it shall be lawful for the said Second Parties, and the survivor of them, their, and his, successors or successor, and they are hereby expressly granted full power and authority, to grant, bargain, sell and assign, transfer and convey, all, or any, of the estate herein before transferred to them in trust, or any part, or parts, thereof, or any re-investment, or substitution thereof, and to execute good and valid releases and conveyances thereof in fee simple, or of any less, or other, estate therein, to the purchaser, or purchasers, thereof, grantee, or grantees, thereof, and to re-invest the proceeds thereof as the same shall be received. (d) That it shall, and may, be lawful for the said Second Parties, and the survivor of them, their, and his, successors, or successor, to lease, for terms not exceeding twenty-one (21) years, any real estate that may be held by them, and to execute good and valid leases thereof. (e) That the First Party may, at any time, and, from time to time, with the approval of the Second Parties, and the survivor of them, their, and his, successors, or successor, alter, amend, or extend, all, or any, of the terms and conditions of this instrument, and may, with like consent, confer new powers upon the Second Parties, concerning the administration of their trust. (f) That, in the event of either one of the Second Parties dying, resigning the aforesaid trusts, or becoming incapable of acting in the same, the said Jane Doe may, by instrument in writing, nominate and appoint a new trustee to take the place of the trustee, so dying or retiring, or becoming incapable of acting, and, in the event of her neglect to do so for a period of three (3) months, then the survivor of the Second Parties, upon thirty (30) days' notice to the said Jane Doe, may nominate, constitute and appoint, in writing, a new trustee in place of the deceased, or retiring, or incapacitated, trustee; and, when, and as often as, any new trustee, or trustees, shall be nominated and appointed as aforesaid, any such new trustee, or, trustees, shall act, without giving security, and all of the trust estate then remaining shall vest in such new trustee, or trustees, either alone, or, as the case may be, jointly with the remaining trustee, or trustees, upon the same trusts, and upon the same intents and purposes, and with, and subject to, the same powers and provisos, as are herein before declared and expressed of and concerning the same respectively, to the end and purpose that all and every such trustee and trustees shall be vested with the said estate, and shall, and may, execute the aforesaid trusts and powers as fully and particularly as if he, or they, had been named as such trustee, or trustees, in this instrument. 3. That the said Second Parties, by joining in the execution hereof, acknowledge the receipt of the said trust fund, and signify their acceptance of the trust hereby created. IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals, the day and year first above written. John Doe (L.S.). Richard Roe (L.S.). In the presence of John Jones. 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.3 THIS AGREEMENT, made January 5, 1923, between John Doe, residing at No. 111⁄2 Broadway, Borough of Manhattan, New York City (herein called the "First Party"), and Richard Roe, residing at No. 371⁄2 Broadway, Borough of Manhattan, New York City (herein called the "Second Party"), WITNESSETH: That, in consideration of the sum of ten thousand ($10,000) dollars to him in hand paid by the Second Party, the receipt whereof is hereby acknowledged, and in further consideration of the trust herein contained, the First Party hereby grants, alienates, remises, releases, conveys and confirms unto the said Second Party, his heirs, and assigns forever, all that certain piece, or parcel, of land, situate, lying and being in Ward 17-A of the City of New York, which is bounded and described, as follows: BEGINNING *** TO HAVE AND TO HOLD all and singular the above granted premises, and every part thereof, unto the said Second Party, his successors and assigns, forever, in fee: IN TRUST, NEVERTHELESS, and to and for the uses, interest and purposes herein described and declared, that is to say, to receive the rents, issues and profits of the said premises, and, after paying the costs, taxes, assessments, repairs, improvements and commissions, at the rate of five (5%) per cent per annum, FIRST. To pay the debts now owing by the First Party, which are set forth in the list hereto annexed and hereby made a part hereof. SECOND. To pay two certain mortgages, with the interest thereon, which are now liens on said premises, viz., one made by the said First Party to Henry Koe, for the sum of one thousand ($1,000) dollars, dated February 1, 1919, and recorded in the office of the register of the county of New York on February 13, Adapted from Doctor v. Hughes (1911), 225 N. Y. 305, 122 N. E. 221. 1919, in Liber 48A, page 128 of Mortgages, and one mortgage made by the said First Party to John Jones, for three thousand ($3,000) dollars, bearing date January 5, 1919, and recorded in the office of the register of the county of New York on January 13, 1919, in Liber 46A, page 120 of Mortgages. THIRD. To pay to the First Party, during his natural life, the sum of fifteen hundred ($1,500) dollars yearly, in twelve equal monthly installments of one hundred and twenty-five ($125) dollars each; or, in lieu thereof, to pay the support and maintenance of the said First Party, not, however, in excess of such yearly sum of fifteen hundred ($1,500) dollars, unless the Second Party, in his discretion, shall deem it to the best advantage of the First Party to exceed such sum of fifteen hundred ($1,500) dollars. FOURTH. This conveyance is upon the further trust, that the said Second Party is authorized and empowered to mortgage the said premises for such an amount, and for such time, and upon such terms, as he shall deem best, for the purpose of paying off the said mortgages now upon said premises, and to carry into effect the other provisions herein contained. And the said Second Party is hereby authorized and empowered to sell and convey said premises, at such time, and for such an amount as he shall deem best and to make good and sufficient conveyance to the purchaser thereof. But the avails arising on such a sale shall be used and applied to and for the purposes of the trust herein created. FIFTH. Upon the decease of the First Party, the Second Party shall convey the said premises (if not sold) to the next of kin of the First Party; but, if the said premises shall have been sold, as herein provided, then the balance of the avails of the sale, then remaining unexpended, shall be paid to the next of kin of the First Party. SIXTH. It is, however, understood that this conveyance is on the express understanding that if, at any time, the Second Party desires to relinquish the trust hereby created, and be released therefrom, he may re-convey said premises to the First Party, or he may appoint another trustee, or trustees, in his place, and, thereupon, such new trustee, or trustees, on acceptance of the said trust, in writing, shall succeed to, and be bound by, all the provisions herein. contained, and the Second Party shall be released and discharged of, and from, all duties and obligations herein contained. 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.). [Annex Schedule of Debts.] 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.* THIS INDENTURE, made January 5, 1923, by Jane Doe, residing at No. 112 Broadway, Borough of Manhattan, New York City (herein called the "First Party"), and the Roe Trust Company, a corporation, duly organized under the laws of the State of New York, and having its principal place of business at No. 371⁄2 Broadway, Borough of Manhattan, New York City (herein called the "Second Party"), WITNESSETH: 1. That the First Party, in consideration of the sum of one ($1) dollar, and of her love and affection for her children, and of her desire to provide and secure for them, beyond peradventure, proper maintenance, education and support, and in further consideration of other valuable consideration, to her in hand paid, the receipt whereof is hereby acknowledged, does hereby sell, assign, transfer, set over, grant and convey unto the Second Party all of her property, both real and personal, and wheresoever situated (a list whereof is hereto annexed and hereby made a part hereof), subject to her existing outstanding obligations to the Koe Insurance Co., amounting to the sum of five thousand ($5,000) dollars, IN TRUST, NEVERTHELESS, FOR THE FOLLOWING USES AND PUR POSES: FIRST: That the Second Party shall keep the said trust fund invested in such securities as they are invested in at the present time, or in securities authorized by the laws of the State of New York for investments by trust companies, and shall pay quarterly • Adapted from Heise v. Wells (1914), 211 N. Y. 1, 104 N. E. 1120. |