How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Loren Your Own Question
Loren, Attorney
Category: Business Law
Satisfied Customers: 28569
Experience:  30 years experience representing clients .
Type Your Business Law Question Here...
Loren is online now
A new question is answered every 9 seconds

for a Fla Land trust ... if the non partition clause is in

This answer was rated:

for a Fla Land trust ...
if the non partition clause is in the Fla land trust agreement ...
then such would hold up ... correct ?
Real property held in a land trust is not subject to partition because legal title is vested in the trustee for the trust. There is no other owner to partition with.
Customer: replied 5 years ago.
thanks for answer ... and a follow up Q.
then ... can a judgement creditor try to attack the beneficial interest ...
of the Florda land trust
(if a beneficary has judgement) .... and if so ... what happens ...
can they only get a Chargeing order ... or
can they get the beneficial interest ...
and thus ... full circle ... can they (Creditor) ... get control of something / some part
of the beneficial interest and seek to sell the asset to get them (creditor paid).
I think you understand the flow of the question.
thanks for help in advance.
The creditor can attach the actual beneficial interest, as they could with any other personal property of the debtor. Land trusts provide no asset protection benefits. A land trust is a self-settled trust, meaning the debtor is the trustmaker and beneficiary. A living trust used for estate planning is another type of self-settled trust. In the case of a living trust the trustmaker/beneficiary is usually also the trustee. The trustmaker is never the beneficiary of a land trust.

A land trust is used to hide ownership of real property. People use land trusts for privacy and confidentiality. If you purchase property in the name of a land trust the recorded deed will list the name of the trustee (not you) and the property description. The deed and public record will not list the names of the trust beneficiary.

Privacy does not work in asset protection. Your judgment creditor will ask you to disclose under oath all of your legal or beneficial interests in real property. A debtor will have to disclose his beneficial interest in a land trust. Also, if the property owned by the land trust is investment property your federal tax return, discoverable by your judgment creditor, will likely reveal taxable losses or gains related to your ownership interests.
Loren and 4 other Business Law Specialists are ready to help you

Related Business Law Questions