Estate of Duilio Costanza - Page 9




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          executed before January 6, 1993.  Michael made only the first               
          three payments required by the terms of the SCIN, but he did not            
          make those payments until March 8, 1993.  All three payments were           
          untimely.                                                                   
               In an affidavit dated December 29, 1998, Michael stated: "I            
          was fully able and willing to make all payments due under the               
          Mortgage Note on a timely basis, but was instructed by my father            
          to make the payments on a quarterly basis to limit the number of            
          bank transactions."  The only time Michael made such a payment,             
          however, Michael executed three separate checks, all of which               
          were separately processed by the drawee bank.  Additionally,                
          Michael changed the dates he had written on all three checks to             
          match memorandum lines on the checks indicating that each was               
          intended to reflect payment for one of the first three months of            
          1993.  Moreover, although his father lived until May 12, 1993,              
          Michael did not make any other payments on the SCIN.                        
               These circumstances persuade us that the conveyance of the             
          restaurant and retail/office properties from decedent’s trust to            
          Michael Costanza’s trust was not a bona fide transaction for full           
          and adequate consideration.                                                 
               Michael, as trustee of his father’s trust, executed the                
          documents necessary to transfer that trust’s interest in the                
          restaurant and shopping center properties to himself.  Although             
          he did so with the full understanding and consent of his father,            






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