Loading...
HomeMy WebLinkAboutDillon Family Trust: Waiver, Release, & Receipt; 2003-02-23;.. Attachment A Waiver of Further Account; Release; Receipt on Distribution DILLON FAMILY TRUST, SURVIVOR’S TRUST Dated December 13,1989 1. Recitals. 1.1 TRUSTORS, DAVID E. DILLON and IDA M. DILLON established a certain revocable inter vivos trust, THE DILLON FAMILY TRUST, under a trust agreement dated December 13, 1989 (hereafter the -Trust”). David E. Dillon died on March 1, 2000. Pursuant to the terms of the Trust Agreement, TRUSTOR IDA M. DILLON thereupon divided the assets of the Trust between an Exemption Trust and the Survivor’s Trust. 1.2 Trustor IDA M. DILLON exercised her right of amendment and executed an Amendment and Restatement of the Dillon Family Trust, Survivor’s Trust on September 26, 2001. 1.3 Trustor Ida M. Dillon died on June 23, 2002. Pursuant to Article Six, Section 6.2, Successor Trustee, of the Restatement and Amendment of the Dillon Family Trust, Survivor‘s Trust, BRUCE DILLON became the Trustee of the Survivor‘s Trust as of June 23,2002. 1.4 The beneficiaries (collectively “Beneficiaries”, and individually “Beneficiary”) of the Trust are: a. CITY OF CARLSBAD; FOR THE CARLSBAD PUBLIC LIBRARY, b. BRUCE DILLON. GENEALOGICAL COLLECTION. 2. Accounts. 2.1 The Trustee has kept true and correct books of account showing all transactions in the Trust Estate, which books of’account are at all reasonable times open to the inspection of any beneficiary thereunder. 2.2 The Trustee has not presented a petition to the Superior Court of California, County of San Diego which has jurisdiction to supervise the administration of the Trust (“Court”) for settlement of the Trustee’s account. 3. approval of Account. The undersigned Beneficiary approves all transactions, accounts, reports and acts of the Trustee as reported in paragraph 2 above. The undersigned Beneficiary has had sufficient opportunity to review the Trustee’s account information, has consulted with such advisors as the Beneficiary deems appropriate about that information, and has concluded that no constructive purpose will be served by the Trustee‘s submission of a formal petition to the Court for settlement of the Account. Moreover, the undersigned Beneficiary wishes to avoid the cost and delays inherent in the preparation and presentation to the Court of such a petition, and 1 4 the undersigned Beneficiary enters into this release in consideration for the Trustee’s agreement not to proceed in that fashion. 4. Release and Discharge; Heirs and Assigns. The undersigned Beneficiary releases and discharges BRUCE DILLON as Trustee, and each predecessor, officer, employee, partner, attorney, agent, representative, successor, heir-and assign of BRUCE DILLON, and each other Beneficiary, from any and all liability to the Beneficiaries for the transactions and acts of BRUCE DILLON as Trustee, including, but not limited to each and all actions, causes of action, obligations, costs, damages, IOSSeS, Claims, liabilities, demands, liens, agreements, contracts, covenants, suits, obligations, controversies, debts, attorney’s fees, expenses, judgments and orders, of whatever kind, nature or character, in law, equity, or otherwise, whether now known or unknown, suspected or unsuspected, and whether or not concealed or hidden, wHich have existed or may have existed, or which do exist or which hereafter may exist, based on any of the facts, events or omissions occurring from the beginning of time until the date hereof, including, but not limiting the generality of the foregoing releases, any and all causes of action or claims of whatsoever character created by or arising out of the death of IDA M. DILLON, any probate, trust and other proceedings which have been, or may be, commenced in connection therewith to the same extent as if the Trustee had rendered a formal and integrated accounting to the Court containing that information, the Court had settled the Account as rendered, and the order settling the account had become final. The undersigned Beneficiary further understands and expressly agrees that this Agreement shall inure to the benefit of the assigns -and successors in interest of the parties hereto, and each and every attorney, agent, employee and representative of each of the parties, and shall be binding upon the undersigned, their agents, employees, representatives, heirs, executors, administrators, assigns, and successors in interest. 5. General Release. The undersigned Beneficiary has been advised of the existence of Section 1542 of the California Civil Code, which provides that: “A general release does not extend to claims which a creditor does not know or suspect to exist in his favor at the time of executed the release, which if known by him must have materially affected his settlement with a debtor.” Notwithstanding such provision, this Release shall constitute a full release in accordance with its terms as to all matters effect as of the date of this Release, and shall be deemed by the parties to be executed and performed in the County of San Diego. 6. Attorney’s Fees. The undersigned Beneficiary shall bear its own attorney’s fees and all expenses arising from this Release. ,. 7. Receipt Beneficiary CITY OF CARLSBAD, hereby acknowledges receipt from BRUCE DILLON, Trustee 2 of the DILLON FAMILY TRUST, SURVIVORS TRUST, of TEN THOUSAND DOLLARS AND ZERO CENTS, ($10,000.00) (“the Distribution”) for use by its CARLSBAD PUBLIC LIBRARY, GENEALOGICAL COLLECTION. In consideration of the Distribution to CITY OF CARLSBAD, CITY OF CARLSBAD agrees to hold BRUCE DILLON and the DILLON FAMILY TRUST, SURVIVOR’S TRUST harmless from any and all claims, losses, damages, or liabilities, including legal fees connected therewith, arising out of the delivery of the Distribution to CITY OF CARLSBAD, and the ownership of the Distribution by CITY OF CARLSBAD. CITY OF CARLSBAD agrees that from this date forward it will assume all responsibility for the TEN THOUSAND DOLLARS AND ZERO CENTS ($10,000.00). BRUCE DILLON will have no further responsibility for the Distribution and will take no steps to insure the Distribution or otherwise protect it. agreed to be TEN THOUSAND DOLLARS AND ZERO CENTS ($10,000.00)) to BRUCE CITY OF CARLSBAD further agrees to return the above property or its cash value (which is DILLON, on demand, if it is determined that the return of the Distributio!n is needed for the proper administration of the DILLON FAMILY TRUST, SURVIVOR’S TRUST. CITY OF CARLSBAD agrees that a proper reason for the demand of the return of the Distribution or its equivalent value in cash is the insufficiency of the remaining assets in the trust to satisfy all demands, claims, taxes and administrative expenses of the trust. Dated: RbAwAoa Claude A. Lewis, Mayoflame and Office for CITY OF CARLSBAD BRUCE DILLON, TRUSTEE 3