[WSBAPT] deed of trust in a probate

Fri Oct 21 14:22:45 PDT 2016

ENDORSEMENT OF NOTE SEPARATE 

This agreement is made between Transferor,__________________, Status
(single, married, corp. etc.) ; and Transferee_____________________________;
Status ; in respect to that certain Promissory Note dated
_______________________ by __________________________ (payor) to
___________________________ (payee).  A copy of the said Note is attached
hereto as Exhibit A and incorporated by this reference as set forth in full
herein.

_________________________, Transferor, desires to transfer  their interest
in the said Note to __________________________________, Transferee, and does
hereby direct payment of all of her interest in the Note to Ilene F. Norton
and Boyd Norton, or order.

The original of said Note cannot be located at this time, in order to make
endorsement thereon. ____________________________, Transferor, warrants and
represents that they have good and valid title to the beneficial interest in
the Note (and Deed of Trust, if applicable),and they have not otherwise
alienated, assigned or impaired their interest therein.

            DATED this ____ day of ____________________, 2016.

___________________________________

______________, Transferor

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: Friday, October 21, 2016 1:12 PM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] deed of trust in a probate

Please disregard my last email.  What if you don't have the original of the
promissory note?

On 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/> http://incsnoteservices.com/

Mike

Michael A. Winslow
1204 Cleveland Ave.
Mount Vernon, WA 98273
Ph. 360-336-3321
Em.  <mailto:Mike at winslegal.com> 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)
 <mailto:jennaprinzlaw at gmail.com> jennaprinzlaw at gmail.com

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