Association, his sons, William K. Frank and Robert J. Frank, and his son-in-law, S. J. Anathan, as trustees. A copy of the deed of trust is Exhibit 'A' of the evidence and is referred to as the 'Isaac W. Frank Trust of 1930.'
7. Article 1 of the said deed of trust provides as follows:
'Said Trustees are authorized, empowered and directed:
'1. To collect, recover and receive the interest, income and dividends upon the said securities, moneys and investments, and, less the expense incident to the management of the trust:
'(a) To pay over annually in quarterly installments during my life the sum of Fifty Thousand Dollars ($ 50,000.00) to my wife, Tinnie Klee Frank, and should my wife survive me then after my death and during my said wife's life, the sum of Seventy-five thousand Dollars ($ 75,000.00) annually in quarterly installments to her, and the balance of said income during the life of my wife, and after her death all of said income, to my three children, namely, William K. Frank, Robert J. Frank and Bessie Frank Anathan, in equal shares for and during their respective natural lives.'
8. Article 2 of the said deed of trust provides that the trust shall continue until the death of all of the three children of Isaac W. Frank or until the youngest grandchild of Isaac W. Frank living at the time of the creation of the said trust attains the age of twenty-four years, whichever is later, at which time the trust shall cease and 'the principal thereof' shall be distributed to the issue respectively of the children of Isaac W. Frank, or, in default of all issue, to certain charitable and educational institutions, subject, however, to the discretionary provisions of Article 5. All of the three children of Isaac W. Frank are now living. The youngest grandchild of Isaac W. Frank living at the time of the creation of the said trust is now more than twenty-four years of age.
9. Article 5 of the said deed of trust provides that 'Anything hereinabove to the contrary notwithstanding,' the trustees shall have the right, in their discretion, to make distribution of the principal of the trust estate, together with any undistributed income, in whole or in part, to religious, charitable, philanthropic, educational or public uses and to the children of Isaac W. Frank 'at any time after my death and the death of my wife, Tinnie K. Frank,' subject, however, to the consent of such of the children of Isaac W. Frank who are then living.
10. The corpus of the trust estate at the time of the creation of the trust consisted of securities which had produced gross income amounting to $ 91,949.45 in the year 1928, $ 97,507.40 in the year 1929, and $ 38,453.87 in the period of less than five months in 1930 up to May 21, when the trust was created.
11. Isaac W. Frank, the creator of the above trust, died on December 1, 1930.
12. Because of the appointment by the Comptroller of the Currency of the United States of America of a receiver for the above-named Bank of Pittsburgh, National Association, and its consequent inability to continue to act as one of the trustees, the said Bank of Pittsburgh, National Association, through its receiver, C. O. Thomas, on November 30, 1931, resigned as one of the trustees of the Isaac W. Frank Trust of 1930. The said resignation was accepted on December 31, 1931, by the three above-named individual trustees, William K. Frank, Robert J. Frank and S. J. Anathan.
13. The following is a statement of the net income of the Isaac W. Frank Trust of 1930 for the period from December 1, 1930, to May 31, 1945, and of the amounts paid therefrom to the decedent, Tinnie K. Frank:
Amounts paid to
Year Net Income T.K. Frank
//-- ////////-- /////////////--
1930 (December) $ 6,630.00 $ 6,630.00
1931 53,040.00 50,000.00
1932 45,747.00 45,747.00
1933 39,780.00 39,780.00
1934 39,780.00 39,780.00
1935 76,164.08 75,000.00
1936 45,765.79 45,765.79
1937 81,138.56 75,000.00
1938 71,618.51 67,483.48
1939 63,592.35 52,414.32
1940 73,664.10 71,840.21
1941 81,843.61 75,000.00
1942 68,813.05 68,813.05
1943 71,625.11 71,625.11
1944 74,944.96 74,944.96
31, 1945 19,525.10 20,357.28
$ 913,672.22 $ 880,181.20
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