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HomeMy WebLinkAbout0986 . • . . -9- come from the Trust in the proportions in which they are entitled thereto, or . if their interest is indefinite, then in equal shares. J. Any Trustee may resign at any time by written notice to the Settlor, if living; otherwise, to each beneficiary then entitled to receive or ~ave the benefit of the Settlor, if living; otherwise, the beneficiary or a majority in interest of the beneficiaries then entitled to receive or have the benefit of the income from the Trust shall appoint a successor trustee, but no person legally obligated to a beneficiary shall be a successor trustee. Every Successor Trustee shall have all powers given the originally- named Trustee. No Successor Trustee shall be personally liable for any act or omission of any predecessor. With the approval of the Settlor, if living, otherwise oi the beneficiary or a majority in interest of the beneficiaries ~ then titled to receive or have the benefit of the income from the Trust, a ' Successor Trustee may accept the account rendered and the property received as a fuli and complete discharge to the predecessor Trustee, without incurring any liability for so doing. The parent or guardian of a beneficiary under disability shall receive notice and have authority to act for the beneficiary ' under this section. No Trustee wherever acting shall be required to give bond or surety ` for the administration of any Trust to any court. No statute with respect to ~ the underproductive property shall apply to any Trust under this Agreement. ~ K. In disposing of any Trust property subject to a power to appoint by will, the Trustee may rely upon an instrument admitted to probate in any jurisdiction as the Will of the donee or may assume that he or she died in- ~ testate if the Trustee has no notice of a Will within three months after his G ~ or her death. ~ ~ L. With respect to any policy of life insurance under which the ~ ~ ; death benefits are made payable to the Trustee: ~ ~ ~ 1. The owner or owners thereof reserve all available benefits, ~ ~ privileges, pa~ments, dividends, surrender values, options and elections, ~ including the right at any time or times to change the beneficiary, to pledge or assign the policy or its proceeds as collateral security for any loan which ~ ~COTT & FOGT ~ = ~ -paHfvS A7 uw ~ . LG~ORADU AVENUE / '.'.:~RT FIOR~D~ ~ y" 7 33494 ~ ~ fo~~' ~ ~ ~ ~ - ~ „ ~ tr . _