-4-
family’s holdings in Phillips Petroleum stock were sold, due to
dissatisfaction with the management of Phillips Petroleum, and
were replaced with stock in Exxon Corporation.
Trust 3044
During 1940, Mr. duPont as trustor and Wilmington Trust
Company (WTC) as trustee entered into a trust agreement dated
December 30, 1940 (Trust 3044). In accordance with this
agreement, shares of DuPont and Christiana Securities Company3
stock were placed in trust for the benefit of Mrs. Schutt and her
issue. As pertinent here,4 Trust 3044 provided that, until Mrs.
Schutt’s death, income was to be distributed quarterly to her
issue per stirpes, or if none to Mrs. Schutt.
Upon Mrs. Schutt’s death, the trust corpus was to be divided
into shares, per stirpes, for the benefit of her issue. If such
share was set aside for a living child of Mrs. Schutt, the corpus
so allocated was to be held in trust for the child and income
2(...continued)
and/or Mrs. Schutt also established at least three additional
trusts during the 1970s for the benefit of their grandchildren
and the issue of their grandchildren.
3 Christiana Securities Company was a holding company
established by certain branches of the duPont family to hold
DuPont stock. The company was later merged into DuPont, and at
times relevant to this proceeding, the corpus of Trust 3044 (or
subtrusts thereunder) included DuPont and Exxon stock.
4 The following explanations in text of the various trusts
pertinent to this litigation are intended to serve as summaries
of the most salient provisions. The recitations do not attempt
to set forth every feature and/or contingency.
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