Skip to code content (skip section selection)
In the event of the death of any beneficiary, leaving one or more beneficiaries surviving, the trust fund remaining shall be reallocated for the use and benefit of the surviving beneficiary or beneficiaries in the following manner:
The trustee bank shall first determine the amount of the original award, in accordance with subparagraphs (1) to (27) inclusive of Section 3-8-120, which would have been made to the surviving beneficiary or beneficiaries had the deceased beneficiary not been a beneficiary upon the date of the original award. If the award thus determined is less than the original award made, the trustee bank shall ascertain the amount to be held by it for the benefit of the surviving beneficiary or beneficiaries by adding to the award thus determined the total interest received by the trust fund from the inception and by deducting from the sum of the redetermined award and the interest received, the total amount actually paid to or for the benefit of the surviving beneficiary or beneficiaries.
If the balance actually remaining in the trust (taken at its market value) is in excess of the net balance (taken at face value) found to be due to surviving beneficiary or beneficiaries, such excess, after deducting the expenses of the last illness and the funeral of the deceased beneficiary, shall revert to the city and be credited to the general corporate fund by the comptroller. If the balance actually remaining in the trust (taken at its market value) is less than the amount (taken at face value) found due to the surviving beneficiary or beneficiaries under the reallocated award, as aforesaid, the entire balance remaining in the trust shall be held by the trustee bank for the use and benefit of the surviving beneficiary or beneficiaries in accordance with the terms hereof.
(Prior code § 22-13)