<html><head><meta http-equiv="Content-Type" content="text/html; charset=us-ascii"><meta name="Generator" content="Microsoft Word 14 (filtered medium)"><style><!--
/* Font Definitions */
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
{font-family:Tahoma;
panose-1:2 11 6 4 3 5 4 4 2 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
margin-bottom:.0001pt;
font-size:11.0pt;
font-family:"Calibri","sans-serif";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:#0563C1;
text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-priority:99;
color:#954F72;
text-decoration:underline;}
p.MsoAcetate, li.MsoAcetate, div.MsoAcetate
{mso-style-priority:99;
mso-style-link:"Balloon Text Char";
margin:0in;
margin-bottom:.0001pt;
font-size:8.0pt;
font-family:"Tahoma","sans-serif";}
span.EmailStyle17
{mso-style-type:personal-compose;
font-family:"Times New Roman","serif";
color:windowtext;}
span.BalloonTextChar
{mso-style-name:"Balloon Text Char";
mso-style-priority:99;
mso-style-link:"Balloon Text";
font-family:"Tahoma","sans-serif";}
.MsoChpDefault
{mso-style-type:export-only;
font-family:"Calibri","sans-serif";}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
--></style></head><body lang="EN-US" link="#0563C1" vlink="#954F72"><div class="WordSection1"><p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">I commenced a non-judicial foreclosure last year which was supposed to result in a trustee sale later this month. Debtor is a Washington state nonprofit corporation (still in good standing/active) who held title to a commercial building. Commercial note and deed of trust given by the nonprofit corporation with no personal guarantees. Note goes into default and matures later this year. I commence nonjudicial foreclosure.</span></p><p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman","serif""> </span></p><p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">Recently, nonprofit organization quitclaims the commercial building to its sole director (who signs the deed in his corporate capacity) in his personal capacity. Director then immediately files a personal chapter 13 bankruptcy to stop the foreclosure. When I review the recorded deed I note the deed was recorded as a gift with no excise tax paid. Deed on its face shows no consideration. There is little to no equity.</span></p><p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman","serif""> </span></p><p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">The chapter 13 plan proposes the property be sold to satisfy the personal debts of the debtor and that the debtor gets to keep his personal residence. In other words, the proceeds above and beyond the debt owed to my client (the lender) would be used to satisfy the personal obligations of the director.</span></p><p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman","serif""> </span></p><p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">Other than the obvious lack of consideration, no excise tax paid (DOR issue) and abusive transfer of ownership of the property from a nonprofit to one of its directors – what other claims should I pursue?</span></p><p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman","serif""> </span></p><p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">Of course, a very aggressive claim and objection filed with the bankruptcy court and pointed out to the C13 trustee.</span></p><p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman","serif""> </span></p><p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">Thanks.</span></p><p class="MsoNormal" style="line-height:12.0pt"><b><span style="font-size:10.0pt;font-family:"Times New Roman","serif""> </span></b></p><p class="MsoNormal" style="line-height:12.0pt"><img width="86" height="130" src="cid:image008.jpg@01D15F58.57BA8F60" align="left" hspace="12"><b><span style="font-family:"Times New Roman","serif"">Robert R. Rowley</span></b><span style="font-family:"Times New Roman","serif""> | Attorney at Law</span></p><p class="MsoNormal" style="line-height:12.0pt"><span style="font-family:"Times New Roman","serif"">7 S. Howard St, Suite 218</span></p><p class="MsoNormal" style="line-height:12.0pt"><span style="font-family:"Times New Roman","serif"">Spokane, WA 99201</span></p><p class="MsoNormal" style="line-height:12.0pt"><span style="font-family:"Times New Roman","serif"">Telephone: (509) 252-5074</span></p><p class="MsoNormal" style="line-height:12.0pt"><span style="font-family:"Times New Roman","serif"">Mobile: (509) 994-1143</span></p><p class="MsoNormal" style="line-height:12.0pt"><span style="font-family:"Times New Roman","serif"">Facsimile: (509) 928-3084</span></p><p class="MsoNormal" style="line-height:12.0pt"><span style="font-family:"Times New Roman","serif"">Email: </span><a href="mailto:rob@rowleylegal.com"><span style="font-family:"Times New Roman","serif";color:blue">rob@rowleylegal.com</span></a><span style="font-family:"Times New Roman","serif""></span></p><p class="MsoNormal"><span style="font-family:"Times New Roman","serif"">Web Site: </span><a href="http://www.rowleylegal.com/"><span style="font-family:"Times New Roman","serif";color:blue">www.rowleylegal.com</span></a><span style="font-family:"Times New Roman","serif""></span></p><p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Times New Roman","serif""> </span></p><p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Times New Roman","serif"">Practice concentrated on business, real estate and general legal matters in Washington and Idaho.</span></p><p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Times New Roman","serif""> </span></p><p class="MsoNormal"><a href="https://www.facebook.com/rowleylegal"><span style="font-size:10.0pt;font-family:"Times New Roman","serif";color:windowtext;text-decoration:none"><img border="0" width="24" height="24" id="Picture_x0020_2" src="cid:image003.gif@01D15F56.5295F300"></span></a><a href="https://www.linkedin.com/pub/rob-rowley/11/172/b20"><span style="font-size:10.0pt;font-family:"Times New Roman","serif";color:windowtext;text-decoration:none"><img border="0" width="24" height="24" id="Picture_x0020_3" src="cid:image004.gif@01D15F56.5295F300"></span></a><a href="https://twitter.com/ROBERTRROWLEY"><span style="font-size:10.0pt;font-family:"Times New Roman","serif";color:windowtext;text-decoration:none"><img border="0" width="24" height="24" id="Picture_x0020_4" src="cid:image005.gif@01D15F56.5295F300"></span></a><a href="http://www.yelp.com/biz/robert-r-rowley-spokane"><span style="font-size:10.0pt;font-family:"Times New Roman","serif";color:windowtext;text-decoration:none"><img border="0" width="43" height="21" id="Picture_x0020_5" src="cid:image009.jpg@01D15F58.57BA8F60"></span></a><span style="font-size:10.0pt;font-family:"Times New Roman","serif""></span></p><p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Times New Roman","serif""> </span></p><p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Times New Roman","serif"">NOTICE: The contents of this message and any attachments may be protected by the attorney-client privilege, work product doctrine or other applicable protections. If you are not the intended recipient or have received this message in error, please notify the sender and promptly delete the message. Thank you for your assistance.</span></p><p class="MsoNormal" style="background:white"><span style="font-size:10.0pt;font-family:"Times New Roman","serif";color:#222222">DISCLAIMER: You should recognize that responses provided by e-mail means are akin to ordinary telephone or face-to-face conversations and do not reflect the level of factual or legal inquiry or analysis which would be applied in the case of a formal legal opinion. A formal opinion may very well reach a different conclusion.</span></p><p class="MsoNormal"> </p></div></body></html>