-6-
income-producing property; (3) to vote shares of stock held by
the trust; and (4) to participate in any plan or proceeding with
respect to rights or obligations arising from ownership of any
security held by the trust.
The trust agreement recited that any trust established
thereunder would terminate no later than 21 years after the death
of the last survivor of Mr. duPont, his then-living issue, and
his sons-in-law. At that juncture, any remaining principal was
to be distributed free of trust to the income beneficiaries
thereof at the time of the termination.
By a letter to WTC dated March 11, 1941, Mrs. Schutt
appointed Mr. duPont and decedent as advisers of Trust 3044. The
letter further stated that upon the death of either appointee,
the survivor would act as sole adviser until such time as
Mrs. Schutt appointed another adviser. Mr. duPont died on
December 17, 1966, and decedent remained as sole adviser with
respect to Trust 3044 and trusts created thereunder, a position
he continued to hold at the time of his own death on April 21,
1999.
Mrs. Schutt died on August 5, 1989. Upon her death, Trust
3044 was divided into separate trusts for the benefit of her four
children. These trusts are referred to as Trusts 3044-1, 3044-2,
3044-3, 3044-4, 3044-5, 3044-6, 3044-7, and 3044-8.
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