[WSBAPT] Garn-St Germaine question

[Sarah J. Dion]

Was just looking into this on a case and as far as I could tell, it is not protected. Love to know if that is wrong though!
Of course, whether a bank has any interest in enforcing such a clause is another question. It might be amenable to transferring the mortgage as long as everyone is solvent.

Sarah Jael Dion
skellenger bender
ATTORNEY
TRUST AND ESTATE PRACTICE
Estate Planning | Probate

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of John Creahan
Sent: Wednesday, September 2, 2020 2:36 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Garn-St Germaine question


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Hi,
A client owns a house (with a mortgage). Two siblings live with her and she wants them to have the option to remain in the house after her death.
Garn-St. Germaine prohibits a bank from enforcing a due-on-sale clause in a mortgage if the property is transferred "to a relative resulting from the death of a borrower." Does anyone know if the transfer to a testamentary trust for a relative's benefit would also be protected?
Thanks,
John


John Creahan
206-578-5877
www.cairn-law.com<http://www.cairn-law.com/>

Fremont office:
3417 Evanston Ave. N, Suite 312
Seattle, WA 98103

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