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HomeMy WebLinkAbout0988 _ _ _ ~ . ~ r . B. Purchase of New Policies of Insurance: The Trustees shall have the power, exercisable in tlieir sole discretion, to purchase insurance on their lives, the life of the ~ Settlor or on the life of any other beneficiary or other person in whom any of the_beneficiaries have an insurable interest, naming as beneficiary of any such policies the trust itself. The Trustees ahall have full discretionary power to exercise any and all rights granted under such ~ policy. . C. Rights of Trustees in Trust Property: The Trusteea shall possess and own all the incidents of ownersliip,~ ~ rights, powers, interests, privileges and benefits of every kind that may accrue on account of any trust property, including insurance policies,if any, and Settlor shall have no interest or right of any kind pertaining thezeto. The . insurance companiea which have issued such policies as are owned by the Trust, if any, are hereby authorized and directed tc~ r`cogiiize the Trustees as absolute owners of such policies c:_ .:~surance, a:~d any receipts, releases and other instruments _ f f, executed by the Trustees in connection with such policies shall ~ k be binding and conclusive upon such insurance companies.and ~ , . ~ upon all persons interested in thia Trust. i ~ p. Payment of Premiums: The Trustees shall first apply the ~ ~ current net income from the assets held in the trust estate . toward payment of such premiums and charges which may become due and-payable under the provisions of such policies of ~ insurance, if any, as are owrred by th~ Trust. If the current ~ ~ ; ~ net incomc of the Trust is, at any time, insufficient to pay ~ ~ said prcmiums and charges, the Trustees may wittiin their sole ~ discretion apply aay cash values attributable t~~ suct~ policies Y ~ to the purchase of paid'=up insurance, or may borrow upon E ~ ~ such policies for the payments of premiums due thereon, ; ~ ~ ~ or may accept the cash values of such policies u~~on their ~ ~ ~ forfeiture. ~ ~ GPAHp a~ti1UPH~LK, V. A. M1ORN[YS A~ IAW, 2600 C. NA~LANOALC aC~CN f1W0., ~~~1:~~~0AlC~ fLOp~OA ~7009 g~oK 432 P~~E 988 ~ . . ~ ~ . - - , A~~~:- .