Complete Home & Office Legal Guide/Complete Home and Office Legal Guide (Chestnut) (1993).ISO/ex/sam/pe/20611.sam

Text File | 1993-08-01 | 8KB | 157 lines

DECLARATION OF NOMINEE TRUST

Joshua Settleman, referred to as SETTLOR, hereby declares that any
and all  property and interest in property that may be transferred
to him  as Trustee hereunder ("the Trust Estate"), shall be held
in  trust, for the sole benefit of, Bennie Fisheries, the
beneficiaries of this  Trust. The term "Trustee" wherever used
herein shall mean the  Trustee or Trustees named herein and such
person or persons who  hereafter are serving as Trustee or
Trustees hereunder, and the  rights, powers, authority and
privileges granted hereunder to the  Trustee shall be exercised by
such person or persons subject to  the provisions hereof.

A.    BENEFICIARIES:  The term "Beneficiaries" wherever used  herein
shall mean the beneficiary or beneficiaries listed in the
Schedule of Beneficial Interests this day executed and filed with
the Trustee, or in the revised Schedule of Beneficial Interests,
if any, from time to time executed and filed with the Trustee.
The Trustee shall not be affected by any assignment or transfer
of any beneficial interest until receipt by the Trustee of notice
that such assignment or transfer has in fact been made and a
revised Schedule of Beneficial Interests shall have been duly
executed and filed with the Trustee.  Any Trustee may without
impropriety become a beneficiary hereunder and exercise all
rights of a beneficiary with the same effect as though he were
not a Trustee.

B.    DUTIES OF TRUSTEE:  The Trustee shall hold the principal  of
this Trust for the benefit of the beneficiaries, and shall
immediately pay over any income received to the beneficiaries in
proportion to their respective interests.

C.    POWERS OF THE TRUSTEE:  The Trustee shall have no power to
deal in or with the Trust Estate except as directed by the
beneficiaries.  When, as, if and to the extent specifically
directed by the beneficiaries, any one of the Trustees shall have
the power to:

(a)    Buy or otherwise acquire, to hold, to exchange or  partition,
to sell at public or private sale, and to mortgage,  pledge or
otherwise encumber or dispose of all or any part of the  Trust
Estate; and to execute any and all deeds, promissory notes,
mortgages and other instruments necessary or appropriate
therefore;

(b)    To lease and sublease all or any part of the Trust Estate  for
such term(s) and on such terms as the Trustee deems  advisable;

(c)    Contest or compromise any claims in favor of or against or  in
any way relating to the Trust Estate. Any and all instruments
executed pursuant to such directions may create obligations
extending over any periods of time including periods beyond any
possible termination date of the Trust.  Notwithstanding any
provisions contained herein, no Trustee shall be required to take
any action which will, in the opinion of such Trustee, involve
him in any personal liability unless first indemnified to his
satisfaction.  Any person dealing with the Trustee shall be fully
protected in accordance with the provisions of Paragraph 7
hereof.

D.    TERMINATION:  The Trust may be terminated any time by any  one
or more of the beneficiaries by notice in writing to the  Trustee,
but such termination shall only be effective when a  certificate
thereof signed and acknowledged by a Trustee  hereunder shall be
recorded in the appropriate official records  of Lake County,
State of Michigan. In any event, and the Trust shall  terminate in
any event twenty (20) years from the date hereof or  at such
maximum time as made be provided for by any applicable  Rule
Against Perpetuities, whichever is later.  In case of any  such
termination, the Trustee shall transfer and convey the  specific
assets constituting the Trust Estate, subject to any  leases,
mortgages, contracts or other encumbrances on the Trust  Estate,
to the then beneficiaries as tenants in common in  proportion to
their respective interests hereunder.

E.    RESIGNATION AND APPOINTMENT OF SUCCESSOR TRUSTEES:
Any Trustee hereunder may resign by written instrument signed and
acknowledged by such Trustee and recorded as is stated above in
paragraph "D." Succeeding or additional Trustees may be appointed
or any Trustee may be removed by an instrument or instruments in
writing signed by all the beneficiaries, provided in each case
that such instrument or instruments, or a certificate signed by
any Trustee naming the Trustee or Trustees appointed or removed,
and in the case of any appointment, the acceptance in writing by
the Trustee or Trustees appointed, shall be recorded as stated in
paragraph "D" above. Upon the appointment of any succeeding or
additional Trustee, the title to the Trust Estate shall thereupon
and without the necessity of any conveyance be vested in said
succeeding or additional Trustee jointly with the remaining
Trustee or Trustees, if any.  Each succeeding and additional
Trustee shall have the rights, powers, authority and privileges
as if named as an original Trustee hereunder.  No Trustee shall
be required to furnish bond.

F.    This trust shall not be administered by any Court.

G.    AMENDMENT:  This Declaration of Trust may be amended from  time
to time by an instrument in writing signed by all the
beneficiaries and acknowledged by one or more of the
beneficiaries, provided in each case that the instrument of
amendment, or a certificate by any Trustee setting forth the
terms of such amendment, shall be recorded with the Registry
prior to the amendment being effective as to any party who does
not have actual notice thereof.

H.    TRUSTEE LIABILITY; RELIANCE OF PURCHASERS AND OTHERS: No
Trustee hereunder shall be liable for any error of judgment or
for any loss arising out of any act or omission in good faith,
but shall be responsible only for his/her own willful breach of
trust.  No license of court shall be requisite to the validity of
any transaction entered into by the Trustee.  No purchaser,
transferee, pledgee, mortgagee or other lender shall be under any
obligation to see to the application of the purchase money or of
any money or property loaned or delivered to any Trustee or to
see that the terms and conditions of this Trust have been
complied with.  Every agreement, lease, deed, mortgage, note, or
other instrument or document executed or action taken by any one
Trustee appearing as a Trustee hereunder from the appropriate
public records as stated in paragraph "D" above, shall be
conclusive evidence in favor of every person relying thereon or
claiming thereunder that at the time of the delivery thereof or
of the taking of such action this Trust was in full force and
effect, that the execution and delivery thereof or taking of such
action was duly authorized, empowered and directed by the
beneficiaries, and that such instrument or document or action is
valid, binding and legally enforceable.  Any person dealing with
the Trust Estate or the Trustee may always rely without inquiry
on the certificate signed by any Trustee appearing as a Trustee
hereunder from the records of the Registry as to whom is the
Trustee or whom are the Trustees or the beneficiaries hereunder,
or as to the authority of the Trustee to act, or as to the
existence or non-existence of any fact or facts which constitute
conditions precedent to acts by the Trustee or which are in any
other manner germane to the affairs of the Trust.

I.    NO PERSONAL LIABILITY:  No Trustee or beneficiary of this
Trust shall be held personally or individually liable for any of
the obligations incurred or entered into on behalf of the Trust
and each person who deals with the Trustee shall look solely to
the Trust Estate for satisfaction of any claims which such person
may have against the Trust.

J.    DIVISION AMONG TRUSTEES. In the event that there are  multiple
trustees herein, in the event of any division between  the
trustees as to acts to be taken herein, the majority of  trustees
shall control. In the event that the trustees are evenly  divided,
the vote of the lon