How Do You LA & TN Folks Do Sub2 Deals Since Land Trusts Are Not Recognized There?

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Do you just put the home in a land trust anyway? If so what are the repercussions you can face later since it's not recognized?

I'm just curious to know if there is some way to work around the fact that these states dont recognize it that allows investors to still take a home subject to?[ Edited by verbatim on Date 12/07/2003 ]

Comments(3)

  • JohnMerchant7th December, 2003

    While I don't know anything re LA or TN laws re trusts, I do know a trust is such a historically valuable tool for avoiding probate & uncomplicating many a complex situation, I'm sure curious about what you say.

    Suppose an elderly widow in OR or WY just happened to own RE in both states...she could lawfully deed those props into her Living Trust, which would then become her Testamentary Trust upon her death, and thus avoiding probate of a will and its attendant costs.

    LA & TN certainly could not say her trust does not legally exist...and they must legally recognize those legal acts from other states, so how could they lawfully interfere with her trust entity?

    If any TN or LA lawyer would comment on this, it would benefit us all.

    In fact, I'd suggest one of the moderators of this site move this over to legal forum where it might just get seen by lawyers from one or both states..

  • JohnLocke7th December, 2003

    JohnMerchant,

    Done deal, good call, as I would like to hear some answers also.

    John $Cash$ Locke

  • Lufos7th December, 2003

    Since around the 15th Century a device has been used which is called a "Blind Trust".

    O'Melveny and Myers and Loeb and Loeb two of our leading law firms have utilized this instrument to my knowledge since Earl Warren was on the court. Besides any law firm that has Sir Christopher as a member has my approval. Now that should be good for a free lunch.

    I think the sticky wicket is caused by the Title Companies having a problem insuring a title when they have no name.

    John Doe,although often used and a most attractive name, does not seem to suffice.

    My solution was always to insert corrections in title chain when there is an expose of an ownership hidden in the Blind Trust. But I think they do not want to go back in time and make corrections.

    For the computer challenged this is a large task. My fourteen year old daughter could do it in about three minutes. But who is counting.

    Ah the times and the customs. Lucius








    Gurgetakeing Lucius

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