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4.3 |
[SEE CAPTION AT 1. 3. 1]
DECREE
Now,___________________,
20____, upon consideration of the annexed Petition, it is hereby ORDERED
and DECREED that Jane R. Dunn, Administrator of the Estate of Joseph B.
Dunn, Deceased, is authorized to continue the operation of the tavern at
4800 Chestnut Street, Philadelphia, Pennsylvania, 19104, owned by the Decedent,
and to conduct the business of the Decedent for a period of one year commencing
August 17, 2001, in accordance with the provisions of the Agreement as set
forth in the annexed Petition. Security
is to be entered in the amount of $_____________ with corporate surety.
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J.
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[SEE CAPTION AT 1.3.2]
PETITION
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1.
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Joseph B. Dunn died on July 7, 2001, intestate, a resident of Philadelphia, Pennsylvania, and Letters of Administration were granted on his estate to Petitioner by the Register of Wills of Philadelphia County on July 16, 2001. | |
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2.
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The only persons interested in Decedent's estate are Petitioner, who is the surviving spouse, and John Dunn, an adult son who joins in this Petition. | |
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3.
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The estimated value of Decedent's estate is $65,754.32. | |
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4.
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There are no known debts of Decedent, except for the liabilities existing on uncompleted contracts as set forth hereinafter. | |
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5.
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The Decedent was the proprietor of a tavern located at 4800 Chestnut Street, Philadelphia, Pennsylvania, 19104, which he operated with a liquor license. | ||
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6.
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Decedent derived a gross income of approximately $2,000 each week from the business. | ||
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7.
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The value of the Decedent's business depends largely on its uninterrupted operation, and substantial liabilities exist with respect to purchases contracted for by the Decedent before his death. | ||
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8.
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The physical assets of the business, if sold at a forced sale, would not exceed $10,000, which amount would be insufficient to meet existing contractual liabilities. However, the continuation of the business for a period of one year would permit the performance of uncompleted commitments and the orderly and uninterrupted transfer of the business to the Decedent's son, John Dunn. | ||
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9.
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Prior to the Decedent's death, John Dunn was actively engaged in the management of the tavern. John Dunn desires to continue the business and is prepared to accept the business at the expiration of a one-year period at a valuation of $20,000 on account of his distributive share of the estate. | ||
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10.
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By the terms of a written agreement (a copy of which is attached hereto as Exhibit"A"), Petitioner and Decedent's son agreed that, subject to approval of this Court, during the period of August 18, 2001 to August 17, 2001, Decedent's son shall manage the tavern; any and all debts and liabilities incurred in the operation of the business, including all debts and liabilities presently outstanding, shall be paid as part of the operating expenses of the business to the extent that income shall be derived from the operation thereof, and to the extent that income shall prove insufficient, they shall be divided equally between John Dunn individually and Petitioner as Administrator of the Estate of Joseph B. Dunn, Deceased; and any and all profits derived from the operation of the business after deduction of debts and liabilities as above provided, shall be divided equally between the parties in their respective capacities, as heretofore stated. | ||
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11.
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The continuation of the business in the manner and for the period set forth herein will not prejudice the rights of any creditors or any persons interested in the estate. | ||
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12.
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For the reasons heretofore given, Petitioner is of the opinion that it will be to the best interest of the estate and the parties in interest to continue the business in the manner and for the period stated. | ||
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13.
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Under 20 Pa. C.S.A. §3314, the Court may authorize the personal representative to continue any business of the estate for the benefit of the estate. | ||
Wherefore,
Petitioner respectfully requests that she be authorized to continue the
operation of the tavern at 4800 Chestnut Street, Philadelphia, Pennsylvania,
19104, owned by the Decedent, and to conduct the business of the Decedent
for a period of one year commencing August 17, 2001, in accordance with
the provisions of the Agreement as set forth in this Petition.
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Jane R. Dunn
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[SEE AFFIDAVIT AT 1.4.1 OR VERIFICATION
AT 1.4.3]
[SEE CAPTION AT 1.3.2]
JOINDER
I
join in the above Petition as an heir-at-law and party to the agreement
attached hereto as Exhibit "A."| Signed on ___________________, 20____ | ||
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John. Dunn
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