Quit Claim and liens

Quit Claim and liens

"Andy"	1/8/2005 2:56:49 PM
I read another question here about "trusts" and "liens" and a question came to mind... If a person quit claims his house to another but retains a life estate, and is living in it, and someone wants to sue that person, can they put any claim against the house he lives in ??? Just curious. Andy



Stuart Bronstein	1/11/2005 2:05:35 PM
Andy wrote: If a person quit claims his house to another but retains a life estate, and is living in it, and someone wants to sue that person, can they put any claim against the house he lives in ??? Just curious. It depends on a whole lot of things. Exactly what were the terms of the reservation of the life estate? When was the debt sued on incurred? What were the circumstances of the debt? Was the homeowner otherwise "insolvent" as a result of transferring the remainder interest in his home? The life estate itself may have a value, and might be used for someone else to live (instead) there as long as the current owner is alive. If the guy has few other assets when he transfers the remainder interest, it could be determined to be a fraudulent transfer, resulting in the voiding of the transfer. Stu



"Daniel R. Reitman"	1/11/2005 2:05:29 PM
On Sat, 08 Jan 2005 14:56:49 -0500, "Andy" <andysharpe@juno.com> wrote: I read another question here about "trusts" and "liens" and a question came to mind... If a person quit claims his house to another but retains a life estate, and is living in it, and someone wants to sue that person, can they put any claim against the house he lives in ??? Just curious. Against the life estate, but that's almost unmarketable. Daniel Reitman

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