Estate of Lewis A. Bailey, Deceased, Frances Jeanette Foster, Executrix - Page 4

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          (2) a Quality Inn in Ridgecrest, California (the California                 
          motel).  Decedent’s grown children managed the motels.                      
               The California motel was located on two parcels of land.               
          One of these parcels (parcel 1) was owned by C&L Bailey.  The               
          other parcel (parcel 2) was titled to decedent and Ethel jointly            
          as to an undivided one-half interest and to C&L Bailey as to the            
          remainder.  After Ethel’s death, decedent owned an undivided one-           
          half interest in parcel 2.                                                  
               After providing for certain specific bequests that are not             
          relevant here, decedent’s will directed that the residue of his             
          estate, including all real and personal property, would go in               
          equal shares to three of his and Ethel’s six children; namely,              
          Frances, Roger, and Harold Lewis Bailey (Harold).                           
          Assignment of Promissory Note                                               
               On February 19, 1993, decedent created the Lewis A. Bailey             
          Family Trust, a revocable grantor trust (the grantor trust).                
          Decedent was the trustee.  The corpus of the grantor trust was              
          composed of certain of decedent’s separate property, including              
          real property located at Lake Catherine, Route 6, Box 870, Hot              
          Springs, Arkansas (the Lake Catherine property).  Pursuant to the           
          terms of the grantor trust agreement, the grantor trust was to              
          terminate upon decedent’s death, with all the trust assets to be            
          distributed equally to decedent’s six children.                             

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