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Notice is hereby given that a hearing is scheduled for 9:00 a.m. on Wednesday, April 3, 2019 in the assigned Courtroom of the Franklin County Courthouse, Chambersburg, Pennsylvania.
At the hearing, the Orphans’ Court will consider a request of the petitioner, Manufacturers and Traders Trust Company, to terminate the trust of Faerie L. Angle, late, of Waynesboro, Pennsylvania, and to distribute the assets to the Foundation for Enhancing Communities, 200 N. 3rd St., Eighth Floor, Harrisburg, PA 17101, to be administered as a fund for the purposes provided in this notice. Under the current terms of the trust the trust income is to be used to provide scholarships for young persons from Franklin County, Pennsylvania, studying to be lawyers, one half of the money given to be a gift, and the other one half of the money given to be a loan at current fixed rates of interest, to be repaid to the trust, for trust purposes, within 10 years from receipt of the money by the recipient.
The current Trustee, Manufacturers and Traders Trust Company desires to end its fiduciary responsibilities and asserts that certain terms and conditions of the trust should be removed including the loan provision of the trust. In addition, the trustee proposes that the Foundation for Enhancing Communities should be directed to provide scholarships to law students from Franklin County, Pennsylvania, and in the event that there are no applicants for a period of three years, that distribution of the income may be made to students attending law schools from adjoining counties, based upon objective and non-discriminatory criteria.
Pursuant to the Pennsylvania Uniform Trust Act 20 Pa. C.S. § 7740.3(a) & (e), the court shall apply cy pres and receive evidence to determine whether or not the proposed termination, and/or modification of the trust, will fulfill, as nearly as possible, the settlor’s charitable intention, whether it be general or specific, and determine whether or not such termination of trust should be granted based upon an assertion that the current activities and restrictions placed upon the trust result in it being impractical or wasteful.
If you desire to receive any additional information regarding the current trust, the proposed termination and distribution of the trust to the Foundation for Enhancing Communities, and the Foundation’s distribution of income going forward, you may contact Counsel for the Petitioner, Jay R. Wagner, Esq., at Stevens and Lee, P.C., 111 N. 6th St., PO Box 679, Reading, PA 19603-0679, to obtain the current trust document and/or a copy of the petition for adjudication and distribution.