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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Tripwires go against the trust's real property.. Posted by Ward-CA- on July 03, 2003 at 5:41 PM In Reply to: Tripwires for Trust Declaration posted by SeanW on July 03, 2003 at 5:32 PM : Ward, a few days ago you said a good trust declaration should have tripwires, to prevent a trustee from getting too mischeivous with the trust assets. I'm assuming you mean some kind of feedback to the grantor, when the assets are modified. : Could you give some examples of this? : [BTW, I had my check in hand, and bid the auction today. I told myself I would not go above 65 cents on the dollar for the target property... But there were more bidders than usual for a N.C. auction, and I was outbid by $3000. Oh well-- there will be more auctions. Gonna keep trying!!] -=-=-=-=-=-=-=- Sean, The tripwires would be recorded against the title of the property owned by the trust. They wouldn't be found in the non-recorded Trust Declaration. An example would be a "friendly" deed of trust recorded against the trust's real property in favor of a close friend of yours. If your Trustee tried to refinance or sell the property behind your back he'd be discovered when the escrow or title company involved sent your friend a payoff demand. Good luck at the sales! Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, a few days ago you said a good trust declaration should have tripwires, to prevent a trustee from getting too mischeivous with the trust assets. I'm assuming you mean some kind of feedback to the grantor, when the assets are modified. : : Could you give some examples of this? : : [BTW, I had my check in hand, and bid the auction today. I told myself I would not go above 65 cents on the dollar for the target property... But there were more bidders than usual for a N.C. auction, and I was outbid by $3000. Oh well-- there will be more auctions. Gonna keep trying!!] : -=-=-=-=-=-=-=- : Sean, : The tripwires would be recorded against the title of the property owned by the trust. They wouldn't be found in the non-recorded Trust Declaration. : An example would be a "friendly" deed of trust recorded against the trust's real property in favor of a close friend of yours. If your Trustee tried to refinance or sell the property behind your back he'd be discovered when the escrow or title company involved sent your friend a payoff demand. : Good luck at the sales! 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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