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decedent's will was contested, on July 8, 1988, the New York
County Surrogate's Court, pursuant to N.Y. Surr. Ct. Proc. Act
section 902 (McKinney 1994), appointed Harvey E. Corn (Mr. Corn)
to serve as the estate's temporary administrator.
Decedent's assets included a $1,082,292 interest in the Plan
and Trust, which had been established by M.J. Machat Management
Corp., effective August 28, 1978. The Plan and Trust was a
qualified plan under section 401(a), and decedent was the sole
participant and the sole trustee at all times before his death.
The estate has not located a form designating a beneficiary of
decedent's interest in the Plan and Trust, and thus decedent's
interest therein is to pass under the terms of the Plan and Trust
document. These terms are:
In the event a Participant fails to designate a
Beneficiary in writing, or the Beneficiary and the
contingent Beneficiary predecease the Participant, the
Participant's surviving spouse shall be deemed the
Beneficiary. If there is no surviving spouse, the
benefits shall be paid to the Participant's surviving
issue per stirpes. If there are no surviving issue,
the benefits shall be paid pursuant to the intestacy
laws of the Participant's domicile.
During decedent's life, the assets of the Plan and Trust
were held by Bankers Trust Co. of New York (custodian). Shortly
after his appointment, Mr. Corn requested that the custodian
transfer the assets of the Plan and Trust to him. The custodian
refused to transfer the assets until it received M.J. Machat
Management Corp.'s corporate resolution authorizing such an
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