S. Victoria Wells - Page 3

                                        - 3 -                                         

               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.                                      







Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  Next

Last modified: May 25, 2011