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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
September 22, 1997
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American Corporate Accruals, Inc.
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(Exact name of registrant as specified in its charter)
New Jersey 1-13353 22-3327255
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
45 Essex Street, Millburn, New Jersey 07041
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (973) 379-0300
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Page 1
<PAGE>
Item 5. Other Events.
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On September 22, 1997 the Registrant, as Depositor, entered into a Trust
Agreement with Marine Midland Bank, as Trustee, pursuant to which $45,384,000
American Corporate Accrual Receipts, Series 1 were issued, consisting of
$21,384,000 Coupon Receipts and $24,000,000 Callable Principal Receipts.
Attached as an exhibit is Form T-1 for Marine Midland Bank, as Trustee.
Item 7. Exhibits.
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The following exhibits are filed with this Current Report on Form 8-K.
Exhibit No. Description
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25 Form T-1 dated September 22, 1997
Page 2
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
American Corporate Accruals, Inc. has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
AMERICAN CORPORATE ACCRUALS, INC.
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(Registrant)
Dated: October 1, 1997 By: \s\ Susan P. Bowen
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Susan P. Bowen
Senior Vice President
Page 3
<PAGE>
EXHIBIT INDEX
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CURRENT REPORT ON FORM 8-K
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Sequential
Exhibit No. Description Page Number
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25 Form T-1 dated
September 22, 1997 Page 5
Page 4
Conformed Copy
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM T-1
STATEMENT OF ELIGIBILITY UNDER THE TRUST
INDENTURE ACT OF 1939 OF A CORPORATION
DESIGNATED TO ACT AS TRUSTEE
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CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305(b)(2)
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MARINE MIDLAND BANK
(Exact name of trustee as specified in its charter)
New York 16-1057879
(Jurisdiction of incorporation (I.R.S. Employer
or organization if not a U.S. Identification No.)
national bank)
140 Broadway, New York, N.Y. 10005-1180
(212) 658-1000 (Zip Code)
(Address of principal executive offices)
Charles E. Bauer
Vice President
Marine Midland Bank
140 Broadway
New York, New York 10005-1180
Tel: (212) 658-1792
(Name, address and telephone number of agent for service)
AMERICAN CORPORATE ACCRUALS, INC.
(Exact name of obligor as specified in its charter)
New Jersey 22-3327255
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
c/o Rickel Securities, Inc.
45 Essex Street
Milburn, NJ 07041
(201) 379-0300 (Zip Code)
(Address of principal executive offices)
AMERICAN CORPORATE ACCRUAL RECEIPTS, SERIES 1
(Title of Indenture Securities)
<PAGE>
General
Item 1. General Information.
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Furnish the following information as to the trustee:
(a) Name and address of each examining or supervisory
authority to which it is subject.
State of New York Banking Department.
Federal Deposit Insurance Corporation, Washington, D.C.
Board of Governors of the Federal Reserve System,
Washington, D.C.
(b) Whether it is authorized to exercise corporate trust powers.
Yes.
Item 2. Affiliations with Obligor.
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If the obligor is an affiliate of the trustee, describe each
such affiliation.
None
<PAGE>
Item 16. List of Exhibits.
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Exhibit
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T1A(i) * - Copy of the Organization Certificate of
Marine Midland Bank.
T1A(ii) * - Certificate of the State of New York
Banking Department dated December 31,
1993 as to the authority of Marine Midland
Bank to commence business.
T1A(iii) - Not applicable.
T1A(iv) * - Copy of the existing By-Laws of Marine
Midland Bank as adopted on January 20,
1994.
T1A(v) - Not applicable.
T1A(vi) * - Consent of Marine Midland Bank required
by Section 321(b) of the Trust Indenture
Act of 1939.
T1A(vii) - Copy of the latest report of condition of
the trustee (June 30, 1997), published
pursuant to law or the requirement of its
supervisory or examining authority.
T1A(viii) - Not applicable.
T1A(ix) - Not applicable.
* Exhibits previously filed with the Securities and Exchange Commission with
Registration No. 33-53693 and incorporated herein by reference thereto.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, the Trustee,
Marine Midland Bank, a banking corporation and trust company organized under the
laws of the State of New York, has duly caused this statement of eligibility to
be signed on its behalf by the undersigned, thereunto duly authorized, all in
the City of New York and State of New York on the 22nd day of September, 1997.
MARINE MIDLAND BANK
By: /s/ ROBERT A. CONRAD
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Robert A. Conrad
Vice President
<PAGE>
EXHIBIT T1A (VII)
Board of Governors of the Federal Reserve System
OMB Number: 7100-0036
Federal Deposit Insurance Corporation
OMB Number: 3064-0052
Office of the Comptroller of the Currency
OMB Number: 1557-0081
FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL Expires March 31, 1999
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1
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This financial information has not been reviewed, or confirmed
for accuracy or relevance, by the federal reserve system.
Please refer to page
i, Table of Contents,
for the required
disclosure of
estimated burden.
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CONSOLIDATED REPORTS OF CONDITION AND INCOME FOR A BANK WITH DOMESTIC AND
FOREIGN OFFICES--FFIEC 031
REPORT AT THE CLOSE OF BUSINESS JUNE 30, 1997
(950630)
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(RCRI 9999)
This report is required by law; 12 U.S.C. ss.324 (State member banks); 12 U.S.C.
ss. 1817 (State nonmember banks); and 12 U.S.C. ss.161 (National banks).
This report form is to be filed by banks with branches and consolidated
subsidiaries in U.S. territories and possessions, Edge or Agreement
subsidiaries, foreign branches, consoli- dated foreign subsidiaries, or
International Banking Facilities.
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NOTE: The Reports of Condition and Income must be signed
by an authorized officer and the Report of Condition must be
attested to by not less than two directors (trustees) for State
nonmember banks and three directors for State member and
National Banks.
I, Gerald A. Ronning, Executive VP & Controller
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Name and Title of Officer Authorized to Sign Report
of the named bank do hereby declare that these Reports of Condition and Income
(including the supporting schedules) have been prepared in conformance with the
instructions issued by the appropriate Federal regulatory authority and are true
to the best of my knowledge and believe.
/s/ Gerald A. Ronning
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Signature of Officer Authorized to Sign Report
7/25/97
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Date of Signature
The Reports of Condition and Income are to be prepared in accordance with
Federal regulatory authority instructions. NOTE: These instructions may in some
cases differ from generally accepted accounting principles.
We, the undersigned directors (trustees), attest to the correctness of this
Report of Condition (including the supporting schedules) and declare that it has
been examined by us and to the best of our knowledge and belief has been
prepared in conformance with the instructions issued by the appropriate Federal
regulatory authority and is true and correct.
/s/ James H. Cleave
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Director (Trustee)
/s/ Bernard J. Kennedy
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Director (Trustee)
/s/ Malcolm Burnett
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Director (Trustee)
FOR BANKS SUBMITTING HARD COPY REPORT FORMS:
STATE MEMBER BANK: Return the original and one copy to the appropriate Federal
Reserve District Bank.
STATE NONMEMBER BANKS: Return the original only in the SPECIAL RETURN ADDRESS
ENVELOPE PROVIDED. If express mail is used in lieu of the special return address
envelope, return the original only to the FDIC, c/o Quality Data Systems, 2127
Espey Court, Suite 204, Crofton, MD 21114.
NATIONAL BANKS: Return the original only in the SPECIAL RETURN ADDRESS ENVELOPE
PROVIDED. If express mail is used in lieu of the special return address
envelope, return the original only to the FDIC, c/o Quality Data Systems, 2127
Espey Court, Suite 204, Crofton, MD 21114.
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FDIC Certificate Number 0 0 5 8 9
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(RCRI 9030)
<PAGE>
NOTICE
This form is intended to assist institutions with state publication
requirements. It has not been approved by any state banking authorities. Refer
to your appropriate state banking authorities for your state publication
requirements.
REPORT OF CONDITION
Consolidating domestic and foreign subsidiaries of the
Marine Midland Bank of Buffalo
Name of Bank City
in the state of New York, at the close of business
June 30, 1997
ASSETS
Thousands
of dollars
Cash and balances due from depository institutions:
Noninterest-bearing balances
currency and coin.................................... $ 1,044,050
Interest-bearing balances ........................... 2,065,434
Held-to-maturity securities.......................... 0
Available-for-sale securities........................ 3,576,879
Federal funds sold and securities purchased
under agreements to resell............................ 3,311,653
Loans and lease financing receivables:
Loans and leases net of unearned
income................................................ 20,801,413
LESS: Allowance for loan and lease
losses................................................ 429,338
LESS: Allocated transfer risk reserve ................ 0
Loans and lease, net of unearned
income, allowance, and reserve....................... 20,372,075
Trading assets....................................... 982,806
Premises and fixed assets (including
capitalized leases).................................. 221,952
Other real estate owned................................. 8,293
Investments in unconsolidated
subsidiaries and associated companies................... 0
Customers' liability to this bank on
acceptances outstanding................................. 26,490
Intangible assets....................................... 495,034
Other assets............................................ 530,288
Total assets............................................ 32,634,954
LIABILITIES
Deposits:
In domestic offices.................................. 20,705,098
Noninterest-bearing.................................. 4,382,353
<PAGE>
Interest-bearing.................................... 16,322,745
In foreign offices, Edge, and Agreement
subsidiaries, and IBFs.................................. 3,458,100
Noninterest-bearing.................................. 0
Interest-bearing..................................... 3,458,100
Federal funds sold and securities purchased
under agreements to resell........................... 3,784,599
Demand notes issued to the U.S. Treasury 300,000
Trading Liabilities..................................... 169,194
Other borrowed money:
With a remaining maturity of one year
or less.............................................. 878,716
With a remaining maturity of more than
one year through three years......................... 133,670
With a remaining maturity of more than
three years.......................................... 112,907
Bank's liability on acceptances
executed and outstanding................................ 26,490
Subordinated notes and debentures....................... 497,648
Other liabilities....................................... 336,900
Total liabilities....................................... 30,403,322
Limited-life preferred stock and
related surplus......................................... 0
EQUITY CAPITAL
Perpetual preferred stock and related
surplus................................................. 0
Common Stock............................................ 205,000
Surplus................................................. 1,983,530
Undivided profits and capital reserves.................. 38,878
Net unrealized holding gains (losses)
on available-for-sale securities........................ 4,224
Cumulative foreign currency translation
adjustments............................................. 0
Total equity capital.................................... 2,231,632
Total liabilities, limited-life
preferred stock, and equity capital..................... 32,634,954
