HomeMy WebLinkAboutOC1970-0906 - ESTATE OF BAKERv-
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IRREVOCABlE TRUST AGREDHENT!.....---------------~'
~iS Indenture of Trust,executed in triplicate this
-"'--L~--day of ---~---1945,by and betweenWAL~-';:;~~,of t:-g;:;-;:~~~~:::Washington Oounty,
Pennsylvania,herein called the "Donor",
~HE ~IQ!LJ~.a:TION&:§'!mLQL~~~:Qg~,a corporation organized
under the laws of the United States of Amerioa,having its prin-
,oipal office and place of business in the City of Pittsburgh,
Allegheny Oounty,Pennsylvania,and EDWARD_~STOCKD~,of
Allegheny County,Pennsylvania,herein called the "Trustees".
Whereas,the Donor desires to create an irrevocable
trust to be known as "The Walter Baker Weimer Trust",of the
property hereinafter mentioned,and such additions thereto as
are hereinafter provided for,upon the terms and oonditions and
for the purposes hereinafter set forth:
Now,therefore,in consideration of One Dollar to him in
hand paid and the parties hereto declaring their intention to be
legally bound hereby,the Donor does convey,assign and transfer
unto the said Trustees and their sucoessors the property and
securities set forth in Sohedule "A"hereto attached and made
part hereof;and the property and seourities so transferred,
together with sU~h additions thereto as may be made from time
to time,shall oonstitute the trust estate.
TO HAVE AND TO HOLD all and singular the above-mentioned
property and securities,together with any additional property
and securities which may be added to the trus testate,unto the
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said Trustees and their successors,IN TRUST,NEVERTHELESS,for
the following uses and purposes and sUbject to the terms and
oonditions hereinatter set fortho
I.
SUBSTITUTION OF TRUSTEES--------...-------
10 There shall always be two Trustees in office to hold
and manage this trust estate,one of the trustees to be an
individual,and the other,a corporate tiduciaryo The corporate
trustee shall be a national bank or trust oompany qUalified to act
as a fiduciary and having a capital of at least $1,000,000 and a
surplus 01'$500,0000
20 In event of the death,incapacity or resignation of
Edward L.Stockdale,the !~divid~~Trustee herein appointe4.
David P.Weimer,of washington,Pennsylvania,shall,upon notioe
from the corporate trustee,be substituted in his place and stead
if at the time the said David p.Weimer is living,is not
incapaoitated and is willing to aot as trustee.
30 In event of the death,resignation or incapacity of
David P.Weimer,a new individual trustee may be selected by
Walter Baker Weimer,the principal beneficiary of this trust,
if he is then living and of age,or if not living,then by a
majority of the other beneticiaries who are of age,but in either
case only with the approval of the corporate trustee then in oftieeo
40 Any corporate fiduoiary aoting as trustee may be
removed on ninety (90)days'written notice by the said Walter
Baker Weimer if he is of age,and after his death by the
majority ot the other beneficiaries who are of age,but in either
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case only with the approval of the individual trustee then in
otfice.The person or persons entitled to ramove the corporate
trustee are also empowered to select a successor,but only with
the approval of the individual trustee then in ottice.
,.It a vacancy occurs in the oftice of "trustee,whether
individual or oorporate,and the beneficiaries entitled to select
a suocessor as herein provided tail to do so within a reasonable
time,or lack the capaoity to do so because ot minority,the
vacancy shall be tilled by a court baving jurisdiction Over this
trust on app~ioation 01'the surviving trusteeo
60 The Trustees herein designated or any substituted
trustees shall have the right to resign on ninety (90)days'
notice in writing.
7.When a new trustee is selected by the beneficiaries
in the manner hereinbetore provided,thebeneticiary or the
beneficiaries making the selection shall tile with the other
trustee then in oftioe a proper instrument designating the new
trustee and accompanied by his or its acceptance of the otfice;
and such instrument shall evidence the right 01'the new trustee
to hold otfice and exercise tbe powers ot a trustee.
n.
DUTIES AND POWERS OF TRUSTEES--------_....
1.The Trustees shall receive,hold and manage as a
trust estate all of the property herein and hereby conveyed to
the Trustees,together with any other property hereatter added
to the trust,and shall pay all taxes,charges,commissions and
other expenses of the trust~
20 The Trustees are empowered to exercise,in their
sole and absolute diseretion,with respect of the trust estate
as a whole before division thereof,and after division with
respect to each separate trust created or arising hereunder,
every right,power,privilege and discretion which the Donor
himself could have exercised,or which could lawfully be exer-
cised by any person ~ning similar property in his own right;
and without intending to limit or restrict by implication in
any war the generality of the foregoing grant of powers,speoifio
mention is made of the following powers and discretions:
a.To retain the seourities or other property herein
and hereby assigned and transferred to the Trustees as long as
they deem it advisable to do so notwithstanding such investments
laok diversification.
b.To invest and reinvest the principal ot the trust
estate in stOCkS,both oommon and preferred,and bonds of cor-
porations and such other investments as the Trustees deem advis-
able,without limitation as to the amount that may be invested
in anyone security and without being limited to such invest-
ments as are authorized for fiduciaries under existing law or
any other law hereafter made effective.
o.To distribute as income all dividends on stooks
held in the trust,whether -such dividends are paid in cash,in
stock or in kind,excepting only liquidating dividends paid
pursuant to a complete liquidation of a corporation,it being
the Donorts intention that the intact value of the investment
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in stocks need not be preserved;to determine which receipts,
other than dividends,and disbursements shall be creditecl or
charged to principal,which shall be credited or charged to
income,and which shall be apportioned between principal and
income and the basis of such apportionment;and t~eir determin-
ation in regard thereto shall be final and oonclusive on all
beneficiaries.
d.To sell ant securities or other personalty lileld in
the trust estate for such prices,upon such terms and in such
manner as the Trustees deem advisable,and to exeoute and
deliver appropriate instruments to oonsummate the sale.
e.To purchase or otherwise acquire real property and
to sell the same for such prices,upon suoh terms and in suoh
manner as the Trustees deem advisable,delivering deeds therefor
with covenants of warranty;and to use the general income or
principal of the trust estate to pay carrying charges of real
property and tor capital improvements thereon,if the Trustees
deem it advisable to do so.
f.To lease any real property held in the trust estate
for such prices,upon such terms and tor such length ot time as
the Trustees deem advisable.
g.To abandon,compromise or submit to arbitration,on
such terms as the Trustees deem advisable,all claims in tavor
ot or against the trust estate.
ho To cause any securities which from time to time may
be included in the trust estate to be registered in their names
as Trustees hereunder,or in both of their names or anyone ot
their names ~ithout designation of their fiduciary capacity,or
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in the name or names of their nominees,or to take and keep
the same unregistered so that they will pass by delivery,and
all without thereby increasing or decreasing their liability as
fiduoiaries.
i.To borrow money for any purpose incident to the
convenient administration of the trust estate and to execute
notes,bonds or other obligations therefor and to pledge or
mortgage any assets of the trust estate as security for such
loans.
j 0 To vote in person or by proxy upon all stocks or
other securities;to sell or exercise stook subscription or
oonversion rights,participate in foreolosures,reorganizations,
consolidations,mergers,liquidations,pooling agreements and
voting trusts and other corporate transactions of that nature,
and to delegate discretionary powers in connection therewith.
k.To employ counsel,and the Trustees shall be fully
protected in acting upon the advice of counsel in matters per-
taining to the trust estate.
l~To execute and deliver instruments or documents of
any kind or character needful or necessary to exercise the
powers and discretions herein conferred upon them.
,.In any situation in which the Trustees are required
to divide the principal of the trust estate into parts or shares,
or to distribute ..the same,they are hereby authorized to make
division or distrib~tion in kind,or partly in kind and partly
in cash,and their judgment and determination concerning the
values tor the purpose ot suoh division or distribution shall
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be binding and conclusive on all parties interested therein,
provided the Trustees act in good faith.
46 The individual trustee is hereby authorized to
delegate to the corporate trustee authority to exeroise any power
or discretion herein conferred on the Trustees or vested in them
by law,except the power to pay prinoipal to the life tenant,or
to the other beneficiaries before the times fixed for distribu-
tion or their shares of principal,and the power to make division
of the trust estate;and to this end to execute and deliver trom
time to time powers of attorney which may be either general or
limited in their scope as to time and sUbjeot---matter.Any
aotion taken by a trustee under and pursuant to suoh power of
attorney shall fully and effectually bind the trustee who gave
it in the same way as if he had acted directly;and all persons
dealing with the trustees in relation to the trust estate shall
be entitled to rely on action taken upon and pursuant to such
powers of attorney and be fully protected thereby.
So All the powers and discretions vested in the Trustees
originally appointed herein shall become vested in any successor
trustee or trustees duly appointed by the benefioiaries as
herein provided or by a court having jurisdiction over the trust.
60 No trustee shall be held personally responsible to
the beneficiaries for any action taken or omitted by him in the
management of the trust estate or tor any error of jUdgment,
provided he has acted in good faith;and no trustee shall be
held responsible tor any act or omission of the other trustee,
whether such other trustee is aoting tor him under a power ot
attorney or on his own behalf or in both capaoities.On olaims
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arising either out of contract or tort,asserted by persons
other than beneficiaries against the trustees individually by
reason of acts or omissions in the management of the trust estate.
the Trustees shall be entitled to full indemnity out of the trust
estateo
III.
DISTRIBUTION OF INCOME AND PRINCIPAL.------------------------------'--
The Trustees are directed and empowered to disburse the
income and principal of the trust estate as follows:-
10 To pay to or for the use ot Walter Baker Weimer,
grandson of the Donor.the whole ot the net income in convenient
periodical installments not less frequently than quarterly.
2.During the minority of Walter Baker Weimer,the Trustees
shall disburse the net inoome of the trust estate to or for his use
without the intervention of a guardian.Such payments may be made
for his account to his parent or parents to be disbursed by them
annually tor maintaining a home tor him and tor his support,
welfare and education.All payments made by the Trustees pur-
suant to the provisions of this paragraph shall constitute a full
acquittance to themo
30 When the said Walter Baker Weimer attains the age of
thirty years,the Trustees shall pay to him one-third of the
principal of the trust estate as it then exists,one-third when
he attains the age of thirty-five years,and the remaining one-
third when he attains the age of forty years.
40 The Trustees in their sole and absolute discretion
are authorized to pay to or for the use of the said Walter Baker Weimer
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portions of the principal of the trust estate before the times
fixed for distribution of the principal as provided in Subparagraph
3 above,whenever the Trustees are of the opinion that the income
from this trust and his other resources are inSUfficient for his
genera.l welfare and needs.Such P81ments may be made during his
minority without the intervention of a guardian in such manner as
the trustees deem adVisable,and all such payments shall constitute
an aoquittance to them.
50 If the said Walter Baker Weimer dies before he has
received distribution of principal in full,leaving issue to
survive him,the undistributed portion of the principal at the
time Of his death shall be divided into as many shares as there
are surviving issue and each share held and administered as a
separate trust estate until the surviving issue respectively attain
the age of twenty-one years,when the principal shall be paid to
them free and discharged of the trust.If any of the surviving
issue of Walter Baker Weimer dies before attaining the age of
twenty-one years,the share of the deceased shall go to increase
the shares of the other surviving issue and so on trom time to
time as often as a death occurs.During the minority of sueh
surviving issue,the Trustees shall pay the income to or for their
use without the intervention of a guardian tor their support,
welfare and education,and all suoh payments shall oonstitute an
acquittance to the trustees.
6.It the said Walter Baker 'Weimer dies before he has
received distribution of principal in full without leaVing issue
to survive him.or it leaving issue to survive,all shall die
before attaining the age of twenty-one years,the undistributed
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principal shall be paid in equal shares to the Trustees of the
Julia Vickroy Weimer Trust and to the Trustees of the Amy Anne
Weimer Trust if the trusts are then in existence.the said
trusts being those created by Walter H.Baker,Donor,and bearing
the same date as this trust agreement,to be held and administered
under the terms and conditions of the said trusts.If the said
trusts are not in existenoe upon the death of the said Walter
Baker Weimer,the remaining prinoipal of this trust shall be paid
to the beneficiaries then living who have theretofore received
distribution of the prinoipal of the said trusts in accordance
with provision for distribution of principal contained therein.
If the said trusts are not in existence and no beneficiaries
thereof are then living.the principal shall be paid to the next
of kin of the said Walter Baker Weimer in accordance with the
intestate laws of the State of Pennsylvania then in effect.
7.The Trustees in their sole and absolute discretion
are au thorized to pay to or for the use of any beneficiary \'Jho
takes under Subparagraph 5 above,portions of his or her share
of principal before the times fixed for distribution of principal,
whenever the Trustees are of the opinion that the inoome from the
beneficiary's share and the beneficiary's other resources are
insufficient for his or her general welfare and needs.Such
payments shall be made without the intervention of a guardian,
in such manner as the Trustees deem advisable,and all such
payments shall constitute an acqUittance to them.
IV.
MISCELLANEOUS PROVISIONS--_....._~------
1 0 The Trustees are authorized and empowered to receive
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gifts of additional property and securities from the Donor or
from any other person;and upon the acceptance of such gifts by
the Trustees,the property and securities received shall be held
by them as a part of the trust estate,sUbject to all the terms
and conditions thereof.
2.The Donor hereby renounces all right to exercise
control of any kind or character with respect to the Trustees
or the trust estate.
30 The Donor hereby releases any rights of reversion
to any interest in the trust estate which might or could accrue
or result to him under the provisions of this trust agreement.
4.0 No bond shall be required from any Trustee serving
under this Indenture.
50 The Trustees shall hold the tlUSt estate as a whole
before division thereof,and the separate trust estates after
aivision,so that neither the principal nor the income arising
therefrom,nor any part thereof,shall or may at any time be
liable or sUbject in any manner whatsoever to the control,
engagements,debts or liabilities of any beneficiary entitled
to receive principal or income hereunder;nor shall the principal
or income of the trust estate be liable to attachment by garnish-
ment proceedings or other legal process;nor shall any assignment
or order,either of principal or income,given by any beneficiary
be valid;but the principal and income payable to any beneficiary
shall be paid by the Trustees direct to or for the use of the
beneficiary entitled thereto,without regard to any assignment.
order,attachment or claim whatever;and all of the principal
and income shall remain a part of the trust estate until paid
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over directly to or for the use of the respeotive beneficiaries
as the parties entitled thereto.
6.Upon retirement of a trustee by reason of death,
resignation or removal,the surviving trustee is authorized to
give a full acquittance to the retiring trustee or his legal
representatives,without the filing of an account and court
confirmation and audit thereof,and without notice to the
beneficiaries who are of age and without the appointment of a
guardian or trustee ad litem to represent minors and contingent
interests,and such acquittance shall be binding and conclusive
on all beneficiaries.
IN WITNESS 'WHEREOF,the Donor has hereunto set his hand
and seal and the Trustees have duly executed the same to evidence
their acceptance of the trusts herein created,'the day and year
tirst above written.
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Witn.ess:----
_~--=-_(SEALJDONOR.
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STATE OF PENNSYLVANIA,
COUNTY OF ALLEGHENY.
)
•j ss:
rl
On this 7~day of:::::::--=_.1945.
betore me,the undersigned Notary pUblic,ersona1ly appeared
WALTER H.BAKER,known to me to be the person whose name is snb--....-------
scribed to the within instrument,and acknowledged that he exeeuted
the same tor the purposes therein contained.
In Witness Whereof,I have hereunto set my hand and
official seal.
Cl..&!~~,~~1"'=-~NotaryPublic •.
AGNES B.COCHRANE,Not"ry Pubtie
MY COMMISSION EXPIRES
APRil 3,1947
My commission expires:
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SCHEDU1E nAn
5,000 shares Universal.Cyclops Steel Corporation Common
Capital stock,$1.00 par value,Certificate Nos.0596
to 0600 inclusive for 1,000 share each
1170
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tor the purposes hereinafter set forth:
Pennsylvania,herein called the "Donor",
to time,shall constitute the trust estate.,
I.are hereinafter provided tor,upon the terms andlconditions and
property hereinafter mentioned,and such additio*s thereto as
together with sU~h additions thereto as may be ma~e from time
unto the said T:rustees and their successors the property and
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securi~1e8 set :forth in Sohedule "Aft hereto attached and madeI
part hereot;and the property and securities so·transterred,
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Now,therefore,in consideration ot One [DOllar to hUl in
~and paid and the parties hereto declaring their :intent1on to be
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legally bound hereby,the Donor does convey,assign and transter
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IRREVOCABlE TRUST AGREEM:E.'NT..............--....--------------.I
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...1(-16 Indenture of Trust,executed in triplioate this
----!..K -~day of ---~<{------1945,by and between';"-L~~~~,ot t~-;::~~~:::Was4ingtol1 County,
,,
under the laws ot,the United States ot Amerioa,Ihaving its prin-
,oipal off'ice and place of business in the City clf Pittsburgh)"
Allegheny County,Pennsylvania,and &DW.A:fm._h.S~OCKDmJ of
Allegheny County,Pennsylvania,herein oalledthb "Trustees".
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Whereas,the Donor dosires to create ani,irrevocable'
.trust to be knovm.as "The Walter Baker Weimer Trust",of'the
r.,
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TO HAVE AND TO HOLD all-and singular the'r abo,va-mentioned
property and securities,togethor with any additional property
Iandsecuritieswhiohmaybeaddedtothetrustestate,unto the
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said Trustees and their sucoe~sors,IN TRUST,NEVERTHELE8.S,for
the following uses and purposes and sUbject to the terms and
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conditions hereinatter set forth.
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1 0 There shall always be two Trustees in office to hold
and manage this trust estate,one of the trustees to be an .
trustee shall be a national bank or trust company qualified to act
as a fiduciary and having a capital of at least $l,OOOtOOO and a
surplus of $500,0000
individual,and the other,a corporate fiduciary.The corporate iI
-IIneventofthedeath,incapac1tyor resignation of
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..,Edward L.Stockdal~,the individual Trustee herein appointed,
David P.Weimer,ot 'washington,Pennsylvania,shall,upon notice
,trom the corporate trustee,be substituted in his place an4 stead
it at the time the said David p.,Weimer is living,is not
incapacitated and is willing to act as trustee.
3Q In event of the death,resignation or incapacity ot
David P.We~er,a new individual'trustee ~ay be selected by
Walter Baker Weimer,the principal beneficiary ot this trust,
it he is then liVing and of age,or if not living,then by a
majority of the other beneficiaries who are of age,but in either
case .only with the approval of the corporate trustee then in ottice•
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·i,,4.Any corporate fiduciary acting as trustee may be
..removed on ninety (90)days t written notice by the said Walter
Baker Weimer it he is ot age,and after his death by the
majority of the other'beneficiaries who are of age,but in either
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.5.,If a vacancy occurs in the office of 'trustee,whether
60 'The 'Trustees herein designated or any substituted
The person or persons entitled to remove the corporateotfic6o
trustee are also empowered to selecta'successor,but only with
the approval of the individual trustee then in office•
-case,only with the approval a!the individual trustee t'hen in
;~individual or corporate,and the beneficiaries entitled to select
f a successor as herein provided fail to do so within a reasonable
,.time,or lack the capacity to do so because ot minority,the
,.vacancy shall be filled by a court having jurisdiction over this
'~truston app~ication of the surviving trustee.
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trustees shall have the'right to resign on ninety (90)days'
7.When a new trustee is selected by the beneficiaries
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in the manner hereinbefore provided,the·beneficiary or the
,beneficiaries 'making the selection shall tile wit~the other
notice in writing.'"'",-':""'."~~~~.-~"','~r '.,
trustee then in offioe a proper instrument designating the new
,trustee and accompanied by his or its acoeptance of the office;
:and such instrument shall evidence the right or the new trustee
to hold otfice and exercise the powers of a trustee•.:.:,""
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D1JTIES MID POWERS OF TRUSTEES---------...-..---
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1.The Trustees shali receive,hold and manage as a
,trust estate all of the property herein and hereby conveyed to'.
, 'the Trustees'"togetner':<'wi til any other'property hereafter 'added
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to the trust,and shall pay all taxes,charges,.oommis s ions and
.i other expenses of the trust~...,,
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'.respect to each separate trust created or arising hereunder,
2.The Trustees are empowered to exercise,in their
'sole and absolute discretion,with respect of the trust estate
.1. i .I as a whole before division thereof,and after division with
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every right,power,privilege and discretion whioh the Donor".himself could have exercised,or which could lawfully be exer-'
..cised"by any person owning similar property in his O\VIl right;
,;and without intending to limit or restrict by implication in,,
any way the generality ot the for~goinggrant of powers,specific
"mention is made of the following powers and discretions:
..~
lack diversification.,.~."....
bo .To invest and reinvest the principal ot the trust
estate in stocks,both common ana preferred,and bonds of cor-
porations and such other investments as the Trustees deem advis-
able,without limitation as to the amount·that may be invested.
in anyone security and Without being limited to such invest-
ments as are authorized for fiduciaries under existing law or
any other law hereafter made effective.
Co .To distribute as income all dividends on stocks
held in the trust,whether such dividends are paid ~oash,in·
stock or in kind,.excepting only liquidating dividends paid
pursuant to a-complete liquidation of a corporation,it being
the Donor's intention that the intact value of the investment
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in stocks need not be preserved;to determine which receipts,
other than dividends,and disbursements shall be credited or ..
charged to principal,which shall be credited or chargad to
~ncome,and Which shall be apportioned between principal and
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~beneficiarieso
".e.To purchase or otherwise.acquire real property and
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:to sell the samafor such prices,upon suoh terms and in such
'.
::!~:i,ncoma and the basis of such apportionment ;and their datermin-
l;ation in regard thereto shall be final and conclusive on all
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d.To sell any securities or other personalty held in
;manner as the Trustees deem advisabla~delivering deeds therefor
with covenants of warranty;and to usa the general incoma or
;principal of the trustestata to pay carrying charges of real
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.:the trust estate tor such prices,upon such terms and in such
manner as the Trustees deem advisable,and to execute and
deliver aPPTopriate instruments to·cons~~ate the sale.
..,;
:property and tor capital improvements thereon,if the Trustees
deem it advisable to do sOo
f o To lease any real property held in the trust estate
.for such prices,upon such terms and for such length of time as
the Trustees deem advisable.
go To abandon,compromise or submit to arbitration,on
such terms as the Trustees deem advisable,all claims in favor
of or agains~the trust estateo
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.11.To cause any securities which trom time'to time may
;be included in the trust estate to be registered in their names
as Trustaes".hereunder,or in.both of tb:eir names or anyone ot
their nrunas without designation of their fiduciary capaoity,or
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;in the name or names of their nominees,or to take and keep
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the same unregistered so that they will pass by delivery,and
all without thereby increasing or decreasing their liability as
·fiduciaries.'
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1.To borrow money for any purpose incident to the
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·convenient administration of the trust estate and to execute.
.notes,bonds or other obligations therefor and to pledge or:'
mortgage any assets of the trust estate as security tor such
loans.
jo To vote in person or by proxy upon all stocks or
other securities;to sell or exercise stock subscription or
conversion rights,participate in foreolosures,reorganizations~
\.
\consolidations,mergers,liquidations,pooling agreements and
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voting trusts and other'corporate transactions ot that nature,
and to delegate discretionary powers in connection therewith.
k.To employ counsel,and the Trustees shall,.be fully
protected in acting upon the advice ot counsel in matters per-
taining to the trust estate•
1.To execute and deliver instruments o~documents ot
any kind or character needful or necessary to exercise the
powers and discretions herein conferred upon them.
3~In any situation in which the Trustees are required
to divide the principal of the trust estate into parts or shares,
·or to distribute ..the sama,they are hereby authorized to make
division or distrib~tion in kind,or.partly in kind and partly
in cash,and their judgment and determination concerning the"
values tor the purpose 'or suchdivis10n or distribution shall
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'\,be binding and conclusivo on all parties interested therein,
provided the Trustees act in good 1'a1 th.. .~.)."'~.,...:..~~,"
40 The individual'trustee is hereby authorized to
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delegate to the corporate trustee authority toexercisa any power
or discretion herein conferred on the Trustees or vested in them
by law,except the power to pay prinoipal to the life tenant,or
to the other beneficiaries before the times fixed for distribu-
tion at their shares ot principal,and the power to make division
of'the trust estate;and to this end to execute and deliver from
time to time powersot attorney which may be either general or
..'......'
limited in their soope as to time and subject-matter.Any
action taken bya trustee under and pursuant to such power of
,,Iattorneyshalltullyand'etfectually bind the trusteel who gave
it in the same way as if'he had acted directly~end all persons
dealing with the trustees'in relation to the trust estate shall
be entitled to rely on action taken upon and pursuant to such
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powers of attorney and be fully protected therebyo
50 All the powers and discretions ,vested in the Trustees
originally appointed herein shall become,vested in any successor
trustee or trustees du.J.y appointed by the benefioiariesas
herein provided or by a court having jurisdiction over the 'trust.
provided he has acted in good faith;and no trustee shall 'be
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held responsible tor any act or omission of the other trustee,
whether such other trustee is acting tor him under a power of
attorney or on his own behalf or in both capaoitieso"On claims
,:
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arising either out of contract'or tort,asserted by persons
.other than benefioiaries against the trustee's'individually by,
.:reason of acts or omissions in the management of the trust estate,,
;1 the Trustees shall be entitled to full ~ndemnity out of the trust
estate.".'.',.,'
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DISTRJBli'TION OF INCOM1~Al\TD PRn~CIPAL.-------------_...---------
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The Trustees are direoted and empowered to disburse the
income and principal of the trust estate as follows:-
1.To pay to or tor the use ot Walter Baker Weimer,
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I..grandson of the Donor,the whole ot the net income in convenient
periodical installments not less frequently than quarterly.
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2 0 During the m1nor1t~~f Walter Baker We~er,the Trustees
shall disburse the net income of the trust estate to or for his use.,..
without the intervention of a guardian.Such payments may be made
tor his acoount to his parent or parents to be disbursed by them
annually for maintaining a home tor him and for his support,
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welfare and education..All payments made by the Trustee~pur-
suant to the provisions ot this paragraph shall constitute 'a full.
acquittance to themo
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3.When the said Walter Baker Weimer attains the age of
thirty years,the Trustees shall pay to him one-third of the
principal of the trust .estate as it then exists,one-third when
~he attains the age of thirty-five years,and the rema~n1ng one-
.third when he attains the age of tortyyaarse
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!are authorized to pay to or for the use of the said Walter Baker W0imer
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por~ions of the principal of the trust estate before the times
:fixed for distribution ot the principal as provided in Subparagraph
3 above,whenever the Trustees are of the opinion that the income
from this trust and his other resources are insufficient tor his
~.general welfare and needs.Such payments may be made during his
.;
1 minority without the ilitervention of'a guardian in such manner as '
the trustees deem advisable,and all such payments shall constitute
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an acquittance to them.,,
5.If the said Walter B~~er Weimer dies before he has
received distribution ot principal in full,leaving issue to.'
survive him,the undistributed portion of the principal at the
time ot his death shall be divided into as many shares as there
are surviving issue and each share held and administered as a
separate trust estate until the surviving issue respectively attain
the,age of twenty-one years p when the principal shall be paid to
them tree and discharged of the trust.If any of the surviving
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issue ot Walter Baker Weimer dlesbetore attaining the age of./
twenty-one years,the share of the deceased shall go to increase
the shares of the other surviving issue and so on from time to
time as often as a death occurs.During the minority ot such
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surviving issue,the Trustees shall pay the income to or for their
use without the intervention ot a guardian tor their support,
.welfare and education,and all such payments shall constitute an
acquittance to the trustees.
60 ,It'the said Walter Baker Weimer dies betore he has
received distribution of principal ~n full without leaving issue
to survive him~ori!leaving issue to ?urvive,all shall die
before attaining the age of twenty-one years,the undistributed
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principal shall be paid in aqua.l shares to the Trustees ot the
Julia Vickroy WeL~e~Trust and to the Trustees of the Amy Anne
:Weimer Trust it the,trusts are then in existence,the said1.
trusts being those created by Walter H.Baker,Donor,and bearing r,
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, !',the same date as this trust agreement,to be held and administered
under the terms and conditions of the said trusts.It the said
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trusts are not in existence upon the death of the said Walter
Baker Weimer,the remaining prinoipal of this trust shall be paid
to the beneficiaries then living who have theretofore received
distribution of the principal of the said trusts in acoordance
with provision for distribution of principal contained therein.
If the said trusts are not in existence and no beneficiaries
thereof are then living,,'the principal shail be paid to the next'
of kin of the 'said Walter Baker Weimer in accordance with the
intestate laws of the State ot Pennsylvania'then in effeot...-~
70 .The Trustees in their sole and absolute discretion'
are authorized to pay to or for the use otany benefibiary who
takes under.Subparagraph 5 above,portions of his or her share
ot principal before the times fixed tor distribution of principal,
whenever the Trustees are of the.opinion that the income from the
beneficiaryfs share and the beneficiary's other resource~are
"insufficient for his,or her general welfare and needs.Such'
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MISCELLA1~OUS PROVISIONS----..
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,10 The Trustees are authorized and empowered to receive
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payments shall be made without the intervention of a guardian,
in such manner as the Trustees deem advisable,and all such
payments shall c'cnstitute an"acquittance to them.:":./.-:,:,~,',
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gifts ot:additional property and securi.ties from the Donor or
from any other person;and upon the accep~ance of such gifts by
~he Trustees,the property and securities received shall be held
by them as a part of the trust estate,subject to all ~he terms
20 The Donor hereby renounces all'right to exercise
control of any kind or character with ~espect to the Trustees
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and conditionstheraof.
or the trust estate.
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,'3~The Donor hereby'releases any rights of reversion
to any interest in the trust estate which.might or could accrue
or result to him under th.e provisions of this trust agreement.
40'.No bond shall be required trom any Trustee serving
5$The Trustees shall hold the trust estate as a whole
before division'thereof,and the separate trust estates after
di vision,so that neither the principal nor the income arising
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therefrom,nor any part thereof,shall or may-at any time be
liable or subject in any manner whatsoever to the control,
engagements,debts or liabilities of any beneficiary entitled
to receive principal or income hereunder;nor shall the principal
or income of the trust estate be liable to attachment by garnish-
ment proceedings or other legal process;nor shall any assignment
or order,either ot principal or income,given by any beneficiary
be valid;but the principal and income payable to any beneficiary
shall be paid by the Trustees direc t to or for the use of the
beneficiary enti.tled tohereto,without regard to any assignment,.
order,attachment or claim whatever;and all of the principal
and income shall,remain a part of the trust estate until paid
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interests,and such acquittance shall be binding and conclusive
on all beneficiaries.
over directly to or tor the Use of the respeotive beneficiaries
'as the parties entitled thereto.
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DONORo
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TEE UNION NATIONAL BANI(OF PITTSBURG=::
.'~L/J1~~B~~~%F:"'-
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'.TRUSTEES.
IN WITNESS~H~~~OF,the Donor has hereunto set his hand
and seal and the Trustees have duly executed the same to evidence
their acceptance of the trusts herein oreated,·the day and year
60 Upon retirement of a trustee by reason ot death,
resignation or removal,the surviving trustee is authorized to:'
give a full acquittance to the retiring trustee or his legal'
representatives,without the filing of an account and court
confirmation and audit thereof,and without notice to the
oeneficiaries who are of age and without'the appointment 'of a
guardian or trustee ad litem to represent minors and contingent
.first abovewr1tteno .'
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On'thlS ~t ..::..\...-day 0 f'-::::::::--~-:::::::::==...,1945,
before me,the undersigned Notary PUbliC,~SOnallYappeared
~TER He BA§lill,known to me to be the person whose name,,is sub-
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$TATE OF PENNSYLVANIA,
'comTTY'0]'ALLEGHENY,
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scribed to the within instrument,and acknowledged that he exeouted
the same tor the purposes therein containede
In Witness Whereof,I have hereunto set my hand and
.:official seal.,
.U~·~o.tary Public.·--
AGNES B.COCHRA~1.N()t~ry Public
MY COMMISSION EXPIRES
APRIL 3,1947
My commission expire's:
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SCHEDUl,E "An
5,000 shares Universal-Cyclops Steel Corporation Common
Capital stock,$1.00 par value,Certificate Nos.0596
to 0600 inclusive for 1,000 share each
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IRREVOCABLE TRUST AGREEMl!NT-------
..J Between
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~~~.1!..:...~AKER.a..J2Q~Q!!
and
TEE UNION NATIONAL BANK OF--------PITTSBURGH-----------and -
EDWARD L.STOCKDALE----------
Trustees.
.~,'.,..,The Walter Baker ~e1mer Trust
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