[WSBAPT] deed of trust in a probate

[Jenna Brozik]

Thanks Mike and Bob.  My understanding is that there needs to be two
separate documents, an assignment of the promissory note and an assignment
of the deed.  Is this correct?


I know Mike you suggested another method for the promissory note but I also
think you can do an assignment of the note.

Jenna Brozik
Attorney at Law
Prinz & Brozik PLLC
445 S Grand Ave
Pullman, WA 99163
(509)338-0908 / (509) 338-3527 (fax)
jennaprinzlaw at gmail.com


On Fri, Oct 21, 2016 at 9:22 AM, Mike Winslow <mike at winslegal.com> wrote:

> Jenna,
>
> The Promissory Note is a negotiable instrument, just like a personal
> check. Transfer is by “endorsement”, not by assignment. Example: *Pay to
> the order of Jane Smith; by Jane Smith, Personal Representative of the
> Estate of John Doe Smith.*
>
> This should be placed on *the original* of the promissory note, then
> original delivered to the recipient.
>
> If the original note is lost I can give you additional instructions about
> how to handle off list. If you have any other questions about this process,
> please call or email.
>
>
>
> BTW, now is a good time to determine the status of the collection account.
> If a third party collection service is involved they will need to be
> notified of the change in owner of the note. If the decedent was collecting
> the note directly, then it would be wise to determine the status of
> principal and interest, check for missing payments, then verify this in
> writing with the borrower. This will avoid later disputes about pay off
> amount or balance in the event of default and foreclosure. Also recommend
> that if the account was being collected directly that your client consider
> moving the collection process to a service that has the proper software to
> track the installment payments and issue 1099s. Less expense than paying an
> accountant to prepare every year and less hassle than doing this by oneself.
>
> Shameless plug:
>
> http://incsnoteservices.com/
>
>
>
> Mike
>
>
>
>
>
> Michael A. Winslow
>
> 1204 Cleveland Ave.
>
> Mount Vernon, WA 98273
>
> Ph. 360-336-3321
>
> Em. Mike at winslegal.com
>
>
>
> This message is from an attorney, so it’s confidential. If you are not the
> intended recipient, it’s too late to stop reading this message, but you may
> not use it for any improper purpose. Huge Disclaimer available upon request.
>
>
>
> *From:* wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.
> wsbarppt.com] *On Behalf Of *Jenna Brozik
> *Sent:* Thursday, October 20, 2016 12:21 PM
> *To:* WSBA Probate & Trust Listserv
> *Subject:* [WSBAPT] deed of trust in a probate
>
>
>
> Hello list mates,
>
>
>
> This is the scenario:
>
>
>
> The decedent died and left my client, his daughter, everything and also
> she was named the Personal Representative in his will.  The probate is
> currently open.
>
>
>
> The decedent (the PR's father) had commercial property (land) in which he
> sold to an individual.  The sale was secured by a promissory note in which
> the individual paid some down but owed the remaining amount to her father.
> There is a deed which transfers the property to the individual from the
> decedent.  The decedent also had a deed of trust in which he was the
> beneficiary and a title company was the trustee.
>
>
>
> I am going to do an Assignment of Promissory Note to the daughter (the
> PR). It appears that I can also prepare an Assignment of the Deed of Trust
> based on the Carpenter v. Longan case.
>
>
>
> Does anyone have an Assignment of Deed of Trust form or template and/or
> does anyone have any comments regarding this?
>
>
>
> Thanks in advance,
>
>
>
> Jenna Brozik
>
> Attorney at Law
>
> Prinz & Brozik PLLC
>
> 445 S Grand Ave
>
> Pullman, WA 99163
>
> (509)338-0908 / (509) 338-3527 (fax)
>
> jennaprinzlaw at gmail.com
>
>
>
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