[WSBAPT] Inheritance of Contract & Pledge and Long-Term Lease

[Inge Fordham]

In follow up to my question below, the Contract & Pledge (which was to purchase the Lease) has been satisfied (paid in full) so I don’t believe I need to do anything there.  What about the Lease?

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Inge A. Fordham | Attorney
Fordham Law, PLLC
3218 Sixth Avenue | Tacoma, WA 98406
Office: (253) 348-2657 | Mobile: (206) 778-3131
www.fordhamlegal.com<http://www.fordhamlegal.com>

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From: Inge Fordham <inge at fordhamlegal.com>
Date: Tuesday, September 20, 2022 at 2:59 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Inheritance of Contract & Pledge and Long-Term Lease

Colleagues,

In 1966, decedent entered into a Contract and Pledge giving decedent the right to lease and possess a parcel of undeveloped land at Lake Cushman subject to the terms and conditions of the Contract and Pledge and a related Lease, which was executed along with the Contract and Pledge.  The lease term is from 1966 to 2064 and, as such, was recorded with the Mason County Auditor’s Office.  The Contract and Pledge states that the Contract and Pledge cannot be assigned in whole or in part, either by operation of law or otherwise, without the prior written consent of the Seller.  Similarly, the lease states that it cannot be assigned without the prior written consent of the Lessor.  Decedent passed in April 2022, leaving his entire estate to son (the PR) and daughter.  What do I need to do, if anything, to transfer the Contract and Pledge and Leasehold interest in the property to son and daughter?  Inheritance isn’t a per se assignment.  Does transferring the Contract and Pledge and Lease from the estate to the son and daughter require the prior written consent of the Seller and Lessor, respectively?  Or can the PR simply execute and record a document (if so, what?) transferring the Contract and Pledge and Lease to the son and daughter?

Thank you in advance,


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Inge A. Fordham | Attorney
Fordham Law, PLLC
3218 Sixth Avenue | Tacoma, WA 98406
Office: (253) 348-2657 | Mobile: (206) 778-3131
www.fordhamlegal.com<http://www.fordhamlegal.com>

Confidential Communication: This email is sent to a recipient on behalf of an attorney/law firm, and is information intended exclusively for the individual, entity or company to which it is sent.  This communication may contain proprietary, privileged or confidential information or may otherwise be legally exempt from disclosure other than to the intended recipient.  If you are not the named addressee, you are not authorized to read, print, retain, copy or otherwise disseminate this message or any part of it.  If you have received this email in error, please notify the sender immediately by email or other communication and delete all copies of the message.
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