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C. Value of Marsh Note
The subject note, with principal amount of $450,000, was
issued on April 15, 1991. Jack P. Marsh was the maker, and the
Trust was the payee. The original due date was April 14, 1992,
and the original interest rate borne by the note was 10.75
percent. As of decedent’s date of death, the note had been
renewed annually for 1-year extensions, the interest rate had
been reduced to 10 percent, and payments of interest were
current.
The Marsh note was secured by collateral in the form of a
45-percent interest in a $1 million note, which note in turn was
secured by a deed of trust on Carson Harbor Village, a mobile
home park. Jack P. Marsh was the payee of the $1 million note
and beneficiary of the deed of trust, and Carson Harbor Village,
Ltd., was the payor and trustor. Carson Harbor Village, Ltd.,
was a limited partnership of which Goldstein Properties, Inc.,
was the general partner. James F. Goldstein, as president of
Goldstein Properties, signed the $1 million note and related deed
of trust on behalf of Carson Harbor Village, Ltd.
i. Mr. Cronkite’s Report
Mr. Cronkite, at the outset of his report, states the terms
of the Marsh note and indicates that it is secured by a
collateral interest in the aforementioned note secured by deed of
trust. He continues: “In addition to this note, there is a
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