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English to Italian: Declaration in trust (...) General field: Law/Patents Detailed field: Law: Contract(s)
Source text - English [A] REVOCABLE TRUST
THIS TRUST AGREEMENT, made this 13th day of October, 1993, by and between [A], hereinafter called the “Grantor”, and [A], hereinafter referred to as the “Trustee”.
WITNESSETH WHEREAS,
the Grantor has transferred to the Trustee certain assets described in Schedule A and the Grantor and others may hereafter transfer other assets to the Trustee;
NOW, THEREFORE,
in consideration of the premises and of the mutual covenants of the parties herein contained, the parties hereto do hereby agree that the Trustee shall hold and administer such assets, togheter with any other assets (acceptable to the Trustee) which may be added to this trust by any person, by inter vivos or testamentary disposition, IN TRUST, with the powers, discretion and duties hereinafter more fully described, and shall dispose of the principal and income as hereinafter set forth:
ARTICLE 1
Declaration in Trust
1.1 Grantor hereby appoints herself to be the Trustee and for that purpose she hereby transfers, assigns and delivers to the Trustee and the Trustee does hereby covenant and agree to hold in trust, the property described in said Schedule “A”, which property, togheter with all other property that may from time to time be held by the Trustee hereunder, is herein sometimes referred to as “Trust Estate” for the benefit of the beneficiary(ies) hereinafter named.
ARTICLE 2
Trust may be Revoked or Amended
2.1 This Agreement may be revoked, amended or terminated in whole or in part at any time by the Grantor by giving written notice thereof to (i) the Trustee, (ii) the successor Trustee named in Section 6.1, or (iii) the Personal Reperesentative named under the Grantor’s Last Will and Testament.
ARTICLE 3
Addition to the Trust
3.1 Grantor has delivered assets to Trustee which will comprise the Trust Estate and Trustee agrees to administer the Trust Estate in accordance with the terms of this Agreement. Grantor and others may add additional assets to the Trust. These additional assets, when accepted by Trustee, will also be administered in accordance with the terms of this Agreement.
ARTICLE 4
Distribution of Income and Principal During Grantor’s Life
4.1 During Grantor’s life (except as may be altered by other provisions of this trust) the following provisions will apply with respect to the administration of the trust assets.
4.2 Assets payable to the Trustee from any source will be added to the Trust Estate.
4.3 For purposes of this Trust Agreement, the following operating rules shall apply:
A. The term “net income”, wherever used in this Trust, shall mean the operating cash flow (i.e., net operating income before deducting depreciation but reduced by mortgage principal payments) received by the Trust from such interest; and
B. For purposes of Sections 167(d) and 642(e) of the Internal Revenue Code of 1986 (or the equivalent provisions of future Federal Internal Revenue laws) (hereinafter referred to as the “Code”), or the similar provisions of the income tax law of any state or the District of Columbia, in each year the deduction for depreciation shall be allocated between the trust and the income beneficiary in such proportion as Trustee, in Trustee’s discretion, deems fair and equitable, taking into account the division, for such year, between the trust and the beneficiary, of the net operating profit (prior
C. Trustee shall have the power to resolve all questions that may arise concerning the application of the provisions of this Paragraph 4.3.
D. The term “operating cash flow” as used in this Paragraph 4.3 shall not include the proceeds from liquidation, sale or financing or refinancing of such an interest.
4.4 Net income, as determined by the Trustee in accordance with the provision of the foregoing Paragraph 4.3, if any, may, in the sole and absolute discretion of the Trustee, be periodically distributed to [A] (hereinafter referred to as the “Beneficiary”) during his lifetime. Trustee will disburse from the principal of the trust such amounts as Trustee deems advisable for the reasonable health, reasonable welfare and reasonable support of the Beneficiary during the Beneficiary’s lifetime.
4.5 The Grantor expressly reserves and retains the right, at any time and from time to time, by notice in writing signed by Grantor and filed with the Trustee to withdraw from the principal of the Trust Estate so much of the cash or property as Grantor may request in Grantor’s absolute discretion, provided however, such power to invade is to be exercised by Grantor only at Grantor’s personal discretion, and not as a power to be subject to exercise by any other person, or any process of law for Grantor’s benefit, or for the benefit of Grantor’s creditors by any other person or court whatsoever.
Translation - Italian DICHIARAZIONE DI TRUST REVOCABILE DI [A]
Il PRESENTE ATTO è stipulato in data 13 ottobre 1993 tra [A], di seguito la “Disponente” e [A], d’ora innanzi il “Trustee”.
PREMESSO
che la Disponente ha conferito al Trustee i beni di cui all’Allegato A; che la Disponente e chiunque abbia interesse potrà trasferire in seguito ulteriori apporti al Trustee ;
TUTTO CIÒ PREMESSO,
in considerazione delle premesse e delle pattuizioni bilaterali contenute nel presente atto, le parti convengono che il Trustee dovrà mantenere e amministrare A TITOLO FIDUCIARIO tali beni e ogni ulteriore apporto che abbia accettato, da qualunque origine pervenuto, con atto tra vivi o con disposizione testamentaria. Il Trustee disporrà del capitale e del reddito, con i poteri, la discrezionalità e gli obblighi più ampiamente descritti nel seguito:
ARTICOLO 1
Trust Autodichiarato
1.1 Con il presente la Disponente designa se stessa quale Trustee e a tal fine trasferisce, cede e consegna i beni indicati nell’Allegato “A” al Trustee, che accetta l’ufficio e si impegna a mantenere tali beni a titolo fiduciario. Tali beni e ogni ulteriore apporto, nel corso del tempo trasferito al Trustee, saranno in questo documento talvolta indicati come “Fondo in Trust” a vantaggio del beneficiario/i identificato/i più oltre.
ARTICOLO 2
Revoca e Modifica del Trust
2.1 La Disponente potrà in qualsiasi momento revocare, modificare o cessare il presente Trust, in tutto o in parte, mediante comunicazione scritta: (i) al Trustee, (ii) al successore del Trustee indicato all’Articolo 6.1 o (iii) all’Esecutore Testamentario indicato nel proprio Testamento. La mancata comunicazione scritta della revoca, modifica o cessazione del presente Trust a uno qualsiasi dei predetti soggetti non ne determinerà l’invalidità.
ARTICOLO 3
Apporti ulteriori
3.1 La Disponente ha conferito al Trustee alcuni beni che costituiranno il Fondo in Trust e il Trustee contestualmente accetta di amministrare il Fondo in Trust, secondo i termini del presente Atto. La Disponente e chiunque vi abbia interesse potranno in futuro trasferire ulteriori apporti al Trustee che, una volta accettati, li amministrerà in conformità con il presente Atto.
ARTICOLO 4
Distribuzione del Reddito e del Capitale vivente la Disponente
4.1 Vivente la Disponente e salvo diversa disposizione del presente trust, l’amministrazione dei beni in trust sarà regolata dalle seguenti disposizioni.
4.2 I beni dovuti al Trustee, da qualsiasi fonte provengono,saranno aggiunti al Fondo in Trust.
4.3 Ai fini del presente Atto istitutivo di Trust si applica la seguente legge regolatrice:
A. Il termine “reddito netto” deve intendersi come flusso di cassa operativo (ovvero, il risultato operativo netto, comprensivo della svalutazione ma al netto degli interessi passivi sul capitale mutuato) generato dai beni del Trust;
B. Ai fini degli articoli 167 (d) e 642 (e) dell’Internal Revenue Code22 (Codice di diritto Tributario statunitense) del 1986 (o di analoghe disposizioni di future leggi federali in materia fiscale) (di seguito il “Codice”), o di analoghe disposizioni di leggi in materia fiscale di qualsiasi stato o del Distretto di Columbia, per tale bene il Trustee ripartirà annualmente tra trust e beneficiario del reddito, a sua discrezione e nella proporzione che riterrà giusta ed equa, la perdita derivante dalla svalutazione del capitale ed il risultato operativo netto per tale anno (comprensivo della svalutazione e
C. Qualunque questione relativa all’applicazione delle disposizioni del paragrafo 4.3 sarà risolta dal Trustee.
D. Il termine “flusso di cassa operativo”, di cui al paragrafo 4.3, deve intendersi come non inclusivo del ricavato derivante da liquidazione, alienazione, finanziamento o rifinanziamento di tali beni.
4.4 Il Trustee potrà periodicamente e discrezionalmente attribuire a [A], d’ora innanzi la “Beneficiaria”, per tutto il corso della sua vita, l’eventuale reddito netto determinato conformemente a quanto previsto al paragrafo 4.3. Il Trustee preleverà dal capitale del trust gli importi necessari al fine di assicurare alla Beneficiaria adeguati livelli di salute, benessere e assistenza.
4.5 La Disponente si riserva espressamente la facoltà di prelevare dal Fondo in Trust, in qualsiasi momento e a sua assoluta discrezione, tramite comunicazione firmata e depositata presso il Trustee, la quantità di beni o di denaro che ritenga necessari, a patto che eserciti tale facoltà a sua esclusiva discrezione e libera dall’esercizio di qualsiasi altro soggetto o procedimento a tutela della Disponente o a tutela dei creditori della Disponente, qualsiasi sia la persona o quale che sia il tribunale.
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Master's degree - ICoN Consortium of the Universities of Pisa, Genova and Bari)
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Years of translation experience: 6. Registered at ProZ.com: Feb 2014. Became a member: Mar 2014.
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A legal translation professional with a wide range of competencies, combining former studies in law with job experience in different areas (legal, conferences, business), in order to provide all round translations, facilitating the understanding between parties, both individuals and businesses
Native Italian Freelance Translator
Language pairs: English>Italian and French>Italian
Master’s Degree in specialised translation EN>IT (Law and Economics) Jan 15 2016, ICoN consortium of the Universities of Bari, Genova and Pisa
Law Degree, Jul 1987, Università La Sapienza, Roma
French baccalauréat, Jul 1978, Académie de Grenoble
Area of expertise: contracts and legal documents; studies and articles, mainly on economical, social and environmental matters.
Translated projects. Legal: International agreements (employment, supply and services);company law (articles of association, minutes of meeting of Board of Directors), power of attorney; judicial documents (US summons, UK claim form, Particulars of Claim, sentence of divorce); certificates. Economics: research studies on digital economics; environmental management; risk manager; stock markets; financial statements; Director's responsibilities; Auditor's report; dividend access.
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