Estate of Charles Porter Schutt, Deceased, Charles P. Schutt, Jr., and Henry I. Brown III, Co-Executors - Page 4

                                         -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.                              





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