- 9 - 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,Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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