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In or about March 1985, petitioner and Mr. Wells jointly
obtained a $190,000 second mortgage on the Paddock Lane property.
The mortgagee/lender was American State Bank.
On June 30, 1988, petitioner and Mr. Wells jointly obtained
a $200,000 loan from Community Home Loan, Inc. The loan proceeds
were used to repay, in full, the prior loan from American State
Bank. Surplus loan proceeds of $30,672.40 were distributed to
petitioner and Mr. Wells. The surplus loan proceeds were used to
satisfy Mr. Wells' outstanding liability for Federal payroll
taxes incurred after the separation.
Mr. Wells signed a quitclaim deed (deed) for the Paddock
Lane property. The execution date on the deed, June 30, 1988, is
the same date as the issuance of the second mortgage.
Ultimately, petitioner's attorney obtained and held the deed.
The deed is entitled "Quitclaim Deed" in bold black letters.
It provides that "For A Valuable Consideration" Mr. Wells hereby
remises, releases, and forever quitclaims to petitioner the
Paddock Lane property. The deed is shown as recorded and
stamped with the date of June 1, 1989, by the Official Records of
Orange County, California. In the upper left corner and the
bottom of the instrument, it states that "tax statements" will be
mailed to petitioner. In all other respects, the deed is
unconditional and regular on its face.
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Last modified: May 25, 2011