- 5 -
Trust for AMC, A Common Law Pure Trust Organization” (AMC Trust),
dated October 16, 1996. At all material times, the Haneys and
Joey acted as trustees of the AMC Trust. As of January 1, 1998,
Cynthia acted as a fourth trustee.
Relevant provisions of the AMC Trust instrument conveyed the
accounts receivable of J&J to the AMC Trust in exchange for $10
and trust certificates. The trustees were said to “act as
absolute owners and hold title [to the trust property] in fee
simple and control as joint tenants”. The declaration provided:
6. The named Trustees, for themselves and their
successors in trust irrevocable do hereby accept the
conveyance and acknowledge delivery of all the property
specified, together with all the terms of the Trust
Organization herein set forth, agreeing to conserve and
improve the Trust Organization, to invest and reinvest
the funds of said Trust Organization, in such manner as
will increase the financial rating of the Trust
Organization exercising their best judgment and
discretion, in accordance with the Trust organization
minutes, making distribution of portions of the
proceeds and income as in their discretion, and
according to the minutes, and upon final liquidation
distributing the assets to the existing certificate
holders as their contingent right may appear; and in
all other respects administering said Trust
Organization in good faith strictly in conformity
hereto.
* * * * * * *
16. The Trustees shall regard this instrument as
their sufficient guide, supplemented from time to time
by resolutions of their board covering contingencies as
they arise and recorded in the minutes of their
meetings, or by rules or regulation, as deemed
expedient and consistent with the orderly conduct of
business.
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