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Anti-Alienation Clause in Grant Deed
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I don't think Tee is bound by restriction - particularly if client can avoid
it through probate court. If client can do that, then so can trustee.
B/T/W: 363(h) does NOT apply because this is NOT one of the enumerated types
of interests.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
Raymond Bulaon
Sent: Wednesday, May 14, 2008 10:47 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Anti-Alienation Clause in Grant Deed
Potential client received a gift of real property by grant deed from father
in 1988. Property is in Guam; free and clear, and is probably worth about
$200,000. Grant deed contains an anti-alienation clause that prohibits
transfer or sale of property for 60 years from date it was gifted (1988).
Potential client has tried selling property at some point but couldnt,
consulted with an attorney in Guam and was told that due to restrictive
language in the deed, he cannot sell property. Apparently, said
anti-alienation clause provides that if property were to be sold or
transferred, it would revert back to grantor (father). Father has passed
away and Guam attorney suggested that the only way to challenge the
anti-alienation clause would be to open a probate proceeding (which would be
a difficult process). The property generates $1100 in rental income which
potential client is currently receiving.
How is Chapter 7 trustee likely to deal with property and rental income as
property of the estate? If trustee is unable to liquidate, can Trustee hold
case open (for as long as possible) and collect income stream of $1100
monthly as property of the estate?
Comments will be greatly appreciated. Thanks!
Ray Bulaon, ESQ.
Ray Bulaon Law Offices, Inc.
Telephone (818) 243-7745 Fax (818) 243-7795
Locations: Glendale, Cerritos & West Covina
Website: www.bulaonlaw.com
********** PRIVILEGE AND CONFIDENTIALITY NOTICE **********
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Message
I don't think Tee is bound
by restriction - particularly if client can avoid it through probate
court. If client can do that, then so can trustee.
B/T/W: 363(h) does NOT apply because this is NOT one of the enumeratedtypes of interests.
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
The income stream can be sold without a sale of the property. If I were
a chapter 7 trustee I would have no problem in fashioning some kind of
transfer of an interest that is less than a complete sale that would
benefit the estate.
The post was migrated from Yahoo.
Potential client received a gift of real property by grant deed from
father in 1988. Property is in Guam; free and clear, and is probably
worth about $200,000. Grant deed contains an anti-alienation clause
that prohibits transfer or sale of property for 60 years from date it
was gifted (1988). Potential client has tried selling property at some
point but couldn't, consulted with an attorney in Guam and was told that
due to restrictive language in the deed, he cannot sell property.
Apparently, said anti-alienation clause provides that if property were
to be sold or transferred, it would revert back to grantor (father).
Father has passed away and Guam attorney suggested that the only way to
challenge the anti-alienation clause would be to open a probate
proceeding (which would be a difficult process). The property generates
$1100 in rental income which potential client is currently receiving.
How is Chapter 7 trustee likely to deal with property and rental income
as property of the estate? If trustee is unable to liquidate, can
Trustee hold case open (for as long as possible) and collect income
stream of $1100 monthly as property of the estate?
Comments will be greatly appreciated. Thanks!
Ray Bulaon, ESQ.
Ray Bulaon Law Offices, Inc.
Telephone (818) 243-7745 Fax (818) 243-7795
Locations: Glendale, Cerritos & West Covina
Website: www.bulaonlaw.com
********** PRIVILEGE AND CONFIDENTIALITY NOTICE **********
The information in this electronic mail is intended for the named
recipients only. It may contain privileged and confidential matter. If
you have received this electronic mail in error, please notify the
sender immediately by replying to this e-mail or by collect call to
(818) 243-7745. Do not disclose the contents to anyone.
The post was migrated from Yahoo.