Form of liquidating trust agreement

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The _________(company) having determined to wind up its affairs and be dissolved, without waiting for final cash sale of its real estate, this trust is declared in favor, and for the benefit of the eight shareholders of the corporation, according to their respective fractional interests to whom the trustees shall issue proper receipt certificates, which certificates, and all others which may be issued in exchange or substitution, shall be deemed conclusive evidence of the ownership of the respective interest in this trust.The trustees shall, from time to time, on request (on surrender of the old) issue any new certificates as may be proper and necessary to evidence any new or subdivided interests.6.In trust, pending final conversion and distribution of the property, to manage and control it, the trustees having, for those purposes and for all purposes of sale, lease, mortgage, exchange, improvement and development, and any and all arrangements, contracts and dispositions of the trust property, or any part, all and as full discretionary powers and authority as they would have if they were themselves the sole and absolute beneficial owners in fee simple.3.In trust to collect and receive all rents and income from the property, and semiannually or more often at their convenience, to distribute any portion as they may, in their discretion, determine to be fairly distributable net income, to and among the several trusts according to their respective fractional interests.It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site.

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The certificate in writing of the trustees as to any resignation from the office of trustee and as to the appointment of any new trustees and as to the existence or nonexistence of any modifications, may always be relied upon, and shall always be conclusive evidence in favor of all persons dealing in good faith with the trustees in reliance upon the certificate.16.Close Your online source for 100% free legal and business forms. Contribute a legal or business form, checklist or article and have your profile displayed on the same page as the form for free, powerfull, targeted marketing to those searching for legal forms and advice.Therefore, it is important to consult legal counsel whenever utilizing these forms. Your Free Legal is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.The trustees shall be entitled to receive reasonable compensation for service not exceeding a total of one percent reckoned upon the gross income received by them, unless, at any time, a majority in interest of the trusts consent in writing to some larger compensation for any past service.The trustees shall also be entitled to reimbursement and indemnification from the trust property for all their proper expenses and liabilities, and shall be entitled at all times to the advice of counsel.

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