"Know all men by these presents that I, J. Dallas Dort, of the city of Flint, Michigan, the grantor for the consideration of one dollar and other good and sufficient considerations received to my full satisfaction, of the Union Trust Company, Detroit, Michigan, a corporation duly created and existing under the laws of the State of Michigan, do give, grant, bargain, sell, and convey unto the said grantee and its successors, in trust, for the uses and purposes hereinafter set forth, the following-described bonds and securities, to wit: * * *
"Said grantor hereby conveys to said grantee all of said bonds and securities subject to all the conditions herein contained; to have and to hold the above-described bonds and securities unto the said grantee and its successors, in trust, for the uses, intents, and purposes hereinafter expressed and declared of and concerning the same, to wit:
"Whereas I, the maker of this instrument, am the owner of the bonds and securities hereby conveyed, having full power to dispose of same as I see fit; and
"Whereas, it is my wish and desire to provide a moderate income for my daughter, Dorothy Dort Fauntleroy, who is named as the beneficiary herein, and to protect her against all and every misfortune that might occur to her, to the end that she may personally receive the income herein provided together with the other benefits provided for in the trust;
"Now, therefore, this conveyance is made to the grantee herein as trustee, and its successors, upon the express terms and conditions hereinafter set forth. This trust shall remain and be carried out as herein directed, and should it be deemed advisable to make any change or changes therein during my lifetime, such change or changes if any, must be in writing and attached to this instrument and must have the signature of myself and said grantee; and in that event such change or changes shall become a part of this instrument. I reserve the right however, during my lifetime, with the consent of the beneficiary, to revoke and cancel this trust, and require a reconveyance to me of the property included herein.
"The trustee is hereby authorized to collect all interest or other proceeds of the said bonds and securities as it shall become due and to pay therefrom all expense connected with the trust, and such expense is to be one percent (1%) on the principal of the trust fund, to be paid at the time such trust fund is accepted, and also a charge of two and one half percent (2½%) upon the income derived annually from such trust fund, and which sum is agreed to between the parties hereto as full compensation to the trustee, and the net income thereof, after payment of all such expense, shall be paid to me during my life on the first day of June and December of each year.
"In the event of my death before my said beneficiary arrives at the age of thirty years which will be on the fifteenth day of September, A. D. 1923, my said trustee shall immediately deliver to her five thousand dollars (par value) of said bonds and securities and thereafter pay to her at the times in each year aforesaid the net income from the balance of the said bonds and securities in its hands until she shall attain the age of thirty years — if she attains that age — at which time my said trustee shall deliver to her twenty thousand dollars (par value) more of said bonds and securities, and the balance of said bonds and securities shall be held by my said trustee and the income thereof paid to her during her lifetime at such times in each year as is herein provided for the payment of such income.
"In the event of my death after my said beneficiary arrives at the age of thirty years, then immediately after my death my said trustee shall deliver to my said beneficiary twenty-five thousand dollars (par value) of said bonds and securities and the balance of said bonds and securities shall be held by it and the income thereof paid to her during her lifetime at such times in each year as is above provided for the payment of such income.
"At the death of my said beneficiary provided she survives me, all bonds and securities at that time in the hands of my said trustee in pursuance of the trust hereby created, shall be paid over and delivered in equal shares to her children then living and to the children of any deceased child or children by right of representation, and if at that time there are no children nor grandchildren of hers surviving her, then said bonds and securities shall be paid over and delivered to her heirs in the same manner as if she had died intestate and said bonds and securities were a part of her estate.
"In the case of the death of my said beneficiary before my death, all bonds and securities in the hands of my said trustee in pursuance of the trust hereby created, shall be delivered to me.
"If at any time before my death it shall be deemed advisable by me that any such bonds or securities shall be sold, then in that case the same shall be sold by my said trustee. The proceeds from the sale of any unmatured bonds or securities sold before my death and the proceeds from the payment of any bonds or securities which mature before my death, shall be reinvested by my said trustee in other bonds or securities approved by me.
"If after my death and before this trust is fully executed, it is deemed advisable by my said trustee that any unmatured bonds or securities held by it under this agreement shall be sold, then in that case the same shall be sold by my said trustee and the proceeds from such sale shall be invested by my said trustee in bonds issued by counties or by cities of not less than fifteen hundred inhabitants, the legality of which shall have been approved by a reputable attorney, and no such bonds shall be purchased where the authority to issue the same has not been given by the requisite vote of the people of the municipality issuing them or where the indebtedness of the municipality issuing the bonds exceeds 5% of its assessed valuation.
"The proceeds from the payment of all bonds and securities maturing after my death and before this trust shall be fully executed, shall be invested in bonds of the kind and quality provided herein for the investment of the proceeds from the sale of unmatured bonds or securities.
"It is hereby expressly provided that the income to be derived from said bonds and securities and to be paid as provided by this instrument, shall be unalienable until actually paid to the party or parties entitled thereto, and such party or parties shall not have the right or power to encumber in any way or assign the same before it is actually received; that the income so arising shall in nowise be subject to be reached by the creditors of any of said parties until actually paid over, and the trustee shall have no authority or power to make any payments of said income, except at the times they become due and then only directly to the person entitled to receive the same, and the trustee shall receive no other receipt, voucher, or order except for the money actually paid to the party entitled thereto.
"In the event of the trustee herein named being, for any reason, unable to carry out the terms of this instrument and perform its duties as such trustee, then the court of record of original jurisdiction in Wayne County, Michigan, having jurisdiction over such matters, shall appoint a successor, who shall be some bank or trust company having a paid-up capital of at least five hundred thousand dollars, which company, upon receiving such appointment, shall be qualified and vested with all the powers of the trustee herein named, and shall carry out said trust to its final termination, in accordance with the terms and provisions herein provided, application for such appointment to be made to such court by any of the parties interested. * * *"
