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decisions, and his experience in the construction business.
Before accepting the position, Mr. Owens went to a presentation
by Mr. Crockett and read Mr. Crockett’s publications. Mr. Owens
accepted the position after reading a “hold harmless” clause,
which protects the trustee from the fraudulent behavior of
others.
As trustee, Mr. Owens would frequently visit and call the
offices of SNE. Mr. Owens would provide advice to SNE on how to
diversify (i.e., move from residential to commercial construction
projects) and how to seek payment, and would be consulted if SNE
wanted to make a large decision; i.e., involving more than
$10,000 (large projects). Mr. Owens would confer with Mr.
Crockett monthly and would rely on Mr. Crockett’s advice on the
trusts because Mr. Owens perceived Mr. Crockett to be more
educated on the application of the trusts. For his services as
trustee, Mr. Owens was paid $300 each year per trust.
Mr. Owens and Mr. Crockett could be removed from their
positions as trustees by David Norton. Mr. and Mrs. Norton
appointed David Norton to be the protector of all three trusts.
As protector, he could fire Mr. Owens or Mr. Crockett and appoint
new trustees at his discretion. David Norton, however, would
consult Mr. and Mrs. Norton about replacing a trustee.
Mr. Owens is employed fulltime as an estimator for
commercial construction projects by Architectural Roofing and
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Last modified: May 25, 2011