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HOLMES TRUST. (03/17/58)

March 17, 1958

HOLMES TRUST.


Appeals, Nos. 65 and 66, Jan. T., 1958, from decree of Orphans' Court of Montgomery County, No. 57510, in re Deed of Trust of Lewis A. Holmes, sur Trust for Lewis Holmes Raker.Decree affirmed.

COUNSEL

Ralph S. Croskey, with him F. Kenneth Moore, Norman R. Bradley, and Croskey & Edwards, for appellant.

Richard K. Stevens, with him Federico F. Mauck, S. Gordon Elkins, Wright Mauck, Hawes & Spencer, and Stradley, Ronan, Stevens & Young, for appellees.

Before Jones, C.j., Bell, Chidsey, Musmanno, Jones and Cohen, JJ.

[ 392 Pa. Page 18]

OPINION PER CURIAM

The decree from which these appeals were taken is affirmed, at the appellant's costs, on the following opinion of President Judge TAXIS of the Orphans' Court of Montgomery County.

"The present controversy was initiated by petition to remove the co-trustee in two trusts. One of the petitioners, Lewis A. Holmes, is the settlor and co-trustee of both of these inter vivos trusts. Helen H. Hallock and Katharine C. Holmes, the other two petitioners, hold beneficial interests therein. On October 26, 1956, citations were issued directing Frederick L. Raker to show cause why he should not be removed as co-trustee.

[ 392 Pa. Page 19]

Answers were filed and a hearing held on February 28, 1957.

"No other court has previously taken jurisdiction of these trusts. The trust instruments were executed in Montgomery County, both trustees reside here, and therefore this court is the proper forum to entertain the present petition. Orphans' Court Act of 1951, ยง 301(3) and (6).

"Except for the beneficial provisions, the terms of both inter vivos trusts are the same, and were created by Lewis A. Holmes by transferring shares of Frank M. Weaver & Co., Inc. to himself and Frederick L. Raker as co-trustees. Mr. Raker was given the sole right to vote the stock, and the trusts were made irrevocable. Frank M. Weaver & Co., Inc. is a closely held family corporation. The bulk of the stock is held by Lewis and Katharine Holmes and their daughter Helen M. Hallock, individually, the balance being held by Lewis A. Holmes and Frederick L. Raker as trustees under the terms of the aforesaid indentures. Frederick L. Raker holds individually only six of the 1,949 outstanding shares.

"The trust created by deed of March 2, 1948, was designed primarily for the benefit of the daughter of the settlor, Helen Holmes Hallock, who receives the income during the life of her parents and the principal after their deaths. Should the daughter predecease her parents, the daughter's issue take as contingent remaindermen. The trust created by deed dated March 3, 1948, directs the accumulation of income during the minority of Lewis Holmes Raker, grandson of the settlor and son of the co-trustee Raker, and further directs payment of accumulated income and principal to this beneficiary ...


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