[WSBAPT] Separate debt - community property question

[Marcus Fry]

Why aren't you requiring both spouses to sign?  Is the property insufficient to secure repayment with mechanic's lien or even a voluntary lien?  If yes and husband refuses to add wife, then your client should take the next step of obtaining a statement of SP assets, if this is really a concern about payment or make the draw stages more favorable to the contractor in the contract, that way, if the husband is going to go under, the amount needed to collect is smaller.

Marcus J. Fry
Lyon, Weigand & Gustafson, P.S.
P.O. Box 1689
Yakima, Washington  98907
Telephone:  (509) 248-7220
Facsimile:  (509) 575-1883

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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Ron Housh
Sent: Wednesday, January 29, 2020 12:40 PM
To: 'WSBA Probate & Trust Listserv'
Subject: Re: [WSBAPT] Separate debt - community property question

LLC owns real estate and has contracted to build a home.

Contractor wants husband to sign a personal guaranty guarantying payment owed to contractor.

Husband wants to sign "John Doe - In His Individual Capacity on behalf of his Separate Property"

I represent contractor.  I had asked that he sign "John Doe - In His Individual Capacity on behalf of his Separate Property and his 50% interest in community property."

My concern is that Husband John Doe may not have any liquid separate property.

Am I correct in being concerned that if Husband signs "John Doe - In His Individual Capacity on behalf of his Separate Property" and the LLC defaults on payments and John Doe has no liquid separate property, Contractor may not be able to recover against John Doe - Husband's interest in community property??

Bar exam type question???

Thanks,

Ron


I AM TYPICALLY IN THE SEATTLE OFFICE ON TUESDAY AND THURSDAY AND IN THE MOUNT VERNON OFFICE ON MONDAY, WEDNESDAY AND FRIDAY

Ronald G. Housh, P.S.
Attorney at Law

Seattle Office:
1420 Fifth Avenue, Suite 3000
Seattle, WA 98101-2393
Phone:   206-381-1341
Fax:        206-464-0461
Email:    ron at housh.org<mailto:ron at housh.org>

Mount Vernon Office:
21411 Bluejay Place
Mount Vernon, WA 98274
Phone:  206-235-2459
Email:   ron at housh.org<mailto:ron at housh.org>




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