[WSBAPT] Chicken and Egg Question - Probate - Creditor's Claim

[John Creahan]

Paul,
Do you have a lender? I think Eric's answer is technically correct, but I suspect that many banks would hesitate to make a loan (with the PR as borrower) in this situation. 
Just a thought,
John

John Creahan
www.cairn-law.com
206-578-5877
Fremont office:
3417 Evanston Ave. N, Suite 312
Seattle, WA 98103


-----Original Message-----
From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Eric Lanza
Sent: Tuesday, September 17, 2019 4:58 PM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Chicken and Egg Question - Probate - Creditor's Claim

Does PR have non-intervention powers? RCW 11.68.090(1) allows PR to encumber/mortgage real property belonging to the estate.

Eric J. Lanza, J.D.




-----Original Message-----
From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Paul Neumiller
Sent: Tuesday, September 17, 2019 4:37 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Chicken and Egg Question - Probate - Creditor's Claim

Listmates:  PR is surviving spouse.  PR needs to take out a loan secured by the family residence to pay off a creditor's claim.  Can a PR, as PR of an estate, borrow against an estate asset such as the residence or does PR have to transfer the residence into PR's name first, then borrow against the residence in order to pay off the creditor?  




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