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Maplewood two life insurance policies and an extensive assortment
of personal property, including furniture, china, lamps, home
appliances, a popcorn pumper, and a “Blue Madonna picture”.
Hillside Farm and Maplewood both purport to be business
trusts formed pursuant to Minnesota law. The named trustees of
each of these trusts are Parnell, Inc. (Parnell) and Armageddon,
Inc. (Armageddon), nonprofit corporations organized under the
laws of South Dakota. These corporations are also the named
trustees for numerous other business trusts.
The Declaration of Trust of Hillside Farm (the Declaration
of Trust), dated April 25, 1983, recites that it is made between
Parnell and Armageddon, “herein referred to as Trustees, for the
purpose of enabling the Trustees to hold and manage the trust
estate and to carry on business as hereinafter provided.” The
Declaration of Trust further provides in pertinent part:
ARTICLE III. SHARES
SECTION 1. The beneficial interest in this trust shall
be divided into shares without par value. Upon unanimous
approval of the Board of Trustees, shares may be sold or
exchanged for such consideration, and on such terms, as the
Trustees deem proper. All shares shall be evidenced by
trust certificates of which [sic] shall be signed by each of
the Trustees.
SECTION 2. The certificates shall entitle owners
thereof to participate proportionately in all dividends and
other distributions of income or principal as the Trustees
may, from time to time, in their absolute discretion,
declare and pay out; provided that, upon the termination of
the trust, the Trustees shall distribute all of the property
and accrued income to the certificate holders of record in
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Last modified: May 25, 2011