[WSBAPT] Garn-St. Germain & RLT

[Ann Manley]

Exception 8 says: "A transfer into an inter vivos trust in which the
borrower is and remains a beneficiary *and which does not relate to a
transfer of rights of occupancy in the property.*"

Does this mean the property owner must retain the right to occupy the
property?

Ann Manley, Esq.
The Manley Law Firm, P.S., Inc.
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On Thu, Aug 22, 2024 at 12:53 PM Brent Williams-Ruth <
brent at williams-ruthlaw.com> wrote:

> I have not personally come across this, but given that Exemption #8
> specifically states that it is OK to go into trust so long as the borrower
> is the one beneficiary, I would surmise that it does not protect the
> transfer.Definitely worth reading the entire statute though (I created a
> cheat sheet with just the 9 exemptions away from the rest of the statute.
>
> *Brent Williams-Ruth* (pronouns: he/him)
> *Attorney-At-Law*
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> On Thu, Aug 22, 2024 at 12:36 PM Morgan Madison <morgan at madeira-legal.com>
> wrote:
>
>> Hello list:
>>
>>
>>
>> Client inherits Washington real property subject to mortgage (inherited
>> from her father). Client resides in California and owns real property in
>> California in a revocable living trust. Client would like to add the
>> Washington real property to her California trust.
>>
>>
>>
>> Does the Garn-St. Germain Act protect the transfer to her trust from
>> triggering the due on sale clause of the mortgage?
>>
>>
>>
>> Thank you,
>>
>> Morgan
>>
>>
>>
>>
>>
>> *Morgan K. Madison*
>>
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