Dennis F. Fabozzi Law Blog

It is said that two things in life are guaranteed: death and taxes. While most people do not embrace the idea of contemplating their death, taking the time to establish an estate plan could save time, money and heartache in the future.

There are several options available when shopping for an estate plan: wills, living trusts, and irrevocable trusts are only some of the more popular options. What is essential, is understanding which of these plans is right for your particular... Read More

What is meant by the term "license?" Rather than the standard drivers or medical license, in terms of real property, a license is a legal term used when a property owner grants a right to another to do an act or acts on his land. You may think that this sounds a lot like an easement, but there are some drastic differences of which you need to be aware.

First, in most cases, licenses are completely revocable. Unlike an easement, a license generally can be taken back by the... Read More

Just like a natural disaster, few property owners ever see a prescriptive easement coming until it is too late. Most are unaware that any such beast lurks in the law until they are a victim.

Prescriptive easement is a legal concept under which a trespasser can obtain an easement in your land. While this seems impossible, it is not. It usually happens when a property owner is not paying attention to what is happening around the real property.

Take, for example, an owner who... Read More

It is said that "it is better to give than to receive." In today’s society with its extremes of "haves" and "have nots," donating to a charitable cause through a trust could be a win-win situation for both you and your favorite charity.

Donations to a charitable organization are tax deductible so long as certain provisions are followed in the drafting of the documents. For example, the charity that you designate as beneficiary of your trust must... Read More

A "Living Trust" may save you thousands of dollars in the future.

A Living Trust is a legally binding document that serves an individual or married couple primarily in two ways: (a) it shelters the person(s) estate from the costs and time associated with probate, and (b) it serves to divide the estate in the manner that the estate holder desires. Both of these are very desirable effects for most individuals.

Probate avoidance is the reason that Living Trusts... Read More

You have made the wise decision to consult an estate planning attorney and set up a trust plan for your family. The big question is, "What to do next?"

Most clients come to the attorney’s office knowing how they want to distribute their assets after their death, but few realize what other questions may be posed during an initial interview.

One of the most important decisions you will make is the designation of your trustee. This is the person who will manage... Read More

CCP § 580(b) sets forth the restriction on seeking a deficiency judgment in any case where the underlying debt was for a purchase money obligation. Purchase money obligation means that either: (a) credit was extended to the buyer by the seller in order to finance the purchase of property and which is secured by the property; or (b) funds which were loaned to the buyer by a third party if those funds were used to pay all or a part of the purchase price and the loan... Read More

CCP § 580(d) precludes a deficiency judgment when the lender elects to foreclose by power of sale rather than judicially, regardless of the inadequacies of the foreclosure sale proceeds. While the lender must ultimately choose which method to pursue to an end, the lender is able to begin both a judicial and non-judicial sale, then decide at the last minute which to complete. There is no impact under CCP § 580(d) until the sale is complete. Flock v. Boland (1938) 11 Cal.2d... Read More

There is a split of authority regarding guarantors of antideficiency protection. In some instances, a guarantor of a purchase money note is not afforded the protection of CCP § 580(b) because a surety is generally not exonerated when the principal’s defense is personal. Since the antideficiency statutes protect only the principal debtor, the defense of the statute is personal to the debtor and does not continue to the guarantor. 27 CA Jur Deeds of Trust § 347; accord:... Read More

Where the lender has secured the same debt by both real property and personal property, different rules apply. This is due to the fairly recent enactment of California Commercial Code § 9604 (2001.) Com Code § 9604 allows a lender holding both real and personal property collateral to elect, for each item of personal property, to either: (a) separately foreclose on each individual item of personal property; or (b) include personal property in the real estate... Read More