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I am interested in a mutual distribution agreement. If one

Customer Question
Customer: I am interested in...
Customer: I am interested in a mutual distribution agreement. If one enters into a mutual distribution agreement with others, under what circumstances would that agreement be terminated? If some of the parties sell property to other parties, does that make the MDA null and void? Does the MDA govern the distribution of the property after some of the parties sell their property?
JA: Thanks. Can you give me any more details about your issue?
Customer: we had a MDA between my mother, sister and myself. My mother had 50% of the house, my sister and I each 25% as tenants in common. My mother had the right to the life estate and the income from the property (2 rental apartments). Now my mother sold her share to my sister. My mother holds a mortgage from my sister. Their new agreement says my mother has the life estate, but it says nothing about who gets the income from the property. Am I still bound by the mutual distribution agreement?
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Submitted: 1 year ago.Category: Estate Law
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Customer reply replied 1 year ago
another point I want to make. The MDA was between my mother, sister and myself as 3 tenants in common. The new distribution of the property is my sister and I as tenants in common. My mother has joint tenancy with my sister. My mother holds a mortgage for $100 K on the property from my sister. My mother has the life estate. It says nothing about who gets the income from the property. I would be seeking my portion of the rental income. Can I do this?
We are in Connecticut btw. It seems a bit complicated so I'm not sure what you can tell me.
Answered in 6 hours by:
1/21/2016
Estate Lawyer: Law Educator, Esq., Attorney replied 1 year ago
Law Educator, Esq.
Category: Estate Law
Satisfied Customers: 121,058
Experience: Experienced in Trust and Succession Law, including Louisiana Laws
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

I am afraid that if there is an MDA by shares and one party sells their shares to another party, the MDA is still valid and the party who acquired those shares would also get the MDA shares as well. So your sister would get your mom's shares because she purchased those rights and that does not invalidate the MDA I am afraid. Your mother still gets her share, but by the sale her share goes to your sister.

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Category: Estate Law
Satisfied Customers: 121,058
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Experience: Experienced in Trust and Succession Law, including Louisiana Laws

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