- 4 - or partly in each. If they elect to distribute wholly or partly in cash, they are authorized, in their sole discretion, to sell so much or all of the Net Assets of the Trust Estate as they deems [sic] appropriate for that purpose. In distributing any tangible personal prop- erty of the Trust Estate to my children, I request my Successor Trustee to distribute such property to my children equally, but so far as practicable, in accor- dance with the preference of each child. In the event of any disagreement as to the allocation of any item of tangible personal property, the allocation shall be made by the Successor Trustee other than PRESTON WALKER GRANT, JR. and KATHRYN LYNN GRANT ADAMS (the “Independ- ent Trustee”). * * * (b) The term “Net Assets” shall mean the gross assets of the Trust Estate less any taxes or other expenses paid pursuant to the provisions of Paragraph 11 hereof. * * * * * * * 10. Powers Of Trustee. The Trustee and any Successor Trustee hereunder shall have the fiduciary powers enumerated in Section 15-102 of the Estates and Trusts Article, Annotated Code of Maryland, as amended from time to time, specifically including the right to employ appropriate assistance in the administration of the Trust, including accountants, attorneys and invest- ment advisors. In addition, the Trustee hereunder shall have the power to invest in common trust funds and uninsured money market funds; to invest and keep the Trust funds invested in such stocks, common or preferred, bonds, mortgages or other property as he/she may deem advis- able or proper, without being restricted by any manner whatsoever as to the character of any investment by any statute, rule of law, or Court governing the investment of trust funds. My Trustee is authorized to borrow funds and pledge trust property without Court approval, and to sell, lease, or otherwise convey any property of the Trust Estate on such terms and conditions as my Trustee may deem advisable, and to execute such deeds, mortgages, leases or other instruments as may be neces-Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011