[WSBAPT] insolvency

[Joshua McKarcher]

Shannon,

Assuming the statutes say what you indicate, as I am not looking them up and only dealt with this issue once years ago (but retained nonintervention powers without objection so that we could just settle the blasted thing, give everyone their hair cut, and be done), to me, the two critical points are (1) whether you are confident the price you are getting for this asset is fair market value, arms-length deal, and all those standards we all know; and (2) that you have some period of time between the notice in step 1 and the sale in step 2, during which period someone could object or move to delay the sale on an emergency basis or something.

If the statute is as you say, and those two factors are met, I would be willing to stand in front of a judge in step 3, if needed, and say this was the most economical way to do it without costing the estate a bunch of money to schedule a hearing and delay the sale, but still preserve rights of those who might object for some reason.

Good luck!

Best, Josh

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Shannon Jones
Sent: Wednesday, July 20, 2022 9:52 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] insolvency

Listmates, RCW 11.68.080(1) requires notice to heirs and creditors that an estate "might" be insolvent. RCW 11.68.080(2) refers to a petition that must be filed "after an estate becomes insolvent." If an estate may not become insolvent until after an estate asset is liquidated, is a  non-intervention PR able to provide the section (1) notice, liquid the asset without court order, and then file the petition under section (2)? Shannon

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Shannon R. Jones | Attorney
Campbell Barnett PLLC
Direct:  253.848.3515
Office: 253.848.3513| Fax: 253.845.4941
317 South Meridian
Puyallup, WA 98371
shannonj at campbellbarnettlaw.com<mailto:shannonj at campbellbarnettlaw.com>
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