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therefrom was to continue to be distributed in quarterly
installments to the child. Upon the child’s death, the trustee
was to distribute the corpus free of trust to the child’s
descendants, per stirpes, subject to specified age restrictions.
As regards administration, Trust 3044 granted to the
trustee, subject to specified limitations, “in general, the power
to do and perform any and all acts and things in relation to the
trust fund in the same manner and to the same extent as an
individual might or could do with respect to his own property.”
Concerning limitations, the trust agreement provided for the
appointment of an “adviser of the trust” (also referred to herein
as a “consent adviser”) by Mrs. Schutt and stated that enumerated
powers granted to the trustee shall be exercised
only with the written consent of the adviser of the
trust; provided, however, that if at any time during
the continuance of this trust there shall be no adviser
of the trust, or if the adviser of the trust shall fail
to communicate in writing to Trustee his or her consent
or disapproval as to the exercise of any of the
aforesaid powers for which exercise the consent of such
adviser shall be necessary, within twenty days after
Trustee shall have sent to the adviser of the trust, by
registered mail, at his or her last known address, a
written request for such consent, then Trustee is
hereby authorized and empowered to take such action in
the premises as it, in its sole discretion, shall deem
to be for the best interest of any beneficiary of this
trust.
The specified powers subject to the above consent provision
were the trustee’s authority: (1) To sell or otherwise dispose
of trust property; (2) to hold cash uninvested or to invest in
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Last modified: May 25, 2011