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

Resolved Question:

for a Fla Land trust ...
if the non partition clause is in the Fla land trust agreement ...
then such would hold up ... correct ?
Submitted: 3 years ago.
Category: Business Law
Expert:  Loren replied 3 years ago.
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 3 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.
Expert:  Loren replied 3 years ago.
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, Attorney
Category: Business Law
Satisfied Customers: 21459
Experience: 30 years experience representing clients .
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