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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Garn-St Germain Act of 1982 Posted by Ward-CA- on December 30, 2002 at 5:58 PM In Reply to: Garn v St. Germain ( 1982 ) posted by VJ on December 30, 2002 at 12:05 AM : Ward, : I have heard about this case many times in reference : to the 'due on sale' clause.Once,infact,in a publicly : advertised seminar where the company that was trying : to sell some real estate buying products claimed : that the above case could be 'used' to circumvent ANY : due on sale clause! : Can you enlighten as to the case and the ruling? : Thank you in advance! : =•=•=•=•=•=•=•=•=•=•= VJ, Well, actually this is a federal law, not a court case. It’s formally called the Garn–St Germain Depository Institutions Act of 1982. It was sponsored through Congress by two Democratic senators, Jake Garn of New Mexico and Fernan St. Germain of Rhode Island. The operative part of the Act you’re interested in is the US Code, Title 12, Chapter 13, Section 1701j-3(d) Exemption of specified transfers or dispositions. You will find there nine exceptions barring a lender from exercising their due-on-sale rights. Most of them deal with the transfer of title between family members due to divorce or death. Follow Ups: Re: Garn-St Germain Act of 1982 Gary 10:23 PM, 01/02/03 (1) Simple transfer of title to your revocable trust. Ward-CA- 7:19 AM, 01/06/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : I have heard about this case many times in reference : : to the 'due on sale' clause.Once,infact,in a publicly : : advertised seminar where the company that was trying : : to sell some real estate buying products claimed : : that the above case could be 'used' to circumvent ANY : : due on sale clause! : : Can you enlighten as to the case and the ruling? : : Thank you in advance! : : : =•=•=•=•=•=•=•=•=•=•= : VJ, : Well, actually this is a federal law, not a court case. It’s formally called the Garn–St Germain Depository Institutions Act of 1982. It was sponsored through Congress by two Democratic senators, Jake Garn of New Mexico and Fernan St. Germain of Rhode Island. : The operative part of the Act you’re interested in is the US Code, Title 12, Chapter 13, Section 1701j-3(d) Exemption of specified transfers or dispositions. : You will find there nine exceptions barring a lender from exercising their due-on-sale rights. Most of them deal with the transfer of title between family members due to divorce or death. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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