- 10 - Norton. The Brookes Group purports to be a private trust of the Turks and Caicos Islands, British West Indies, and the Century Trust Company, Ltd. purports to be the Brookes Group’s trustee.10 In 1994 or early 1995, the Gouveias assigned the installment and promissory notes from the sale of Brassworks to the Pago Trust.11 B. Operation of the Pago Trust 1. Prado Road Property On March 16, 1995, the Gouveias transferred the Prado Road property to the Pago Trust and, in exchange, received an installment note. The Pago Trust agreed to pay the Gouveias $1,500 monthly, beginning on January 15, 2017, until the principal amount of $303,182.59, with interest, was paid in full. 10The record provides no additional information about the Brookes Group or the Century Trust Company, Ltd. 11There is conflicting evidence on record as to the date of this transaction. The parties stipulated that the Gouveias assigned the notes to the Pago Trust on Mar. 17, 1995, and attached to the copies of the installment note and one of the promissory notes on record are signed statements by the Gouveias dated Mar. 17, 1995, which purport to assign the notes to the Pago Trust. However, the record indicates that on July 7, 1994, the Gouveias filed financing statements pursuant to the California Uniform Commercial Code that assigned their rights as secured parties of the installment note and one of the promissory notes to the Pago Trust. In 1994, the Pago Trust reported income from the installment note on its Form 1041, U.S. Income Tax Return for Estates and Trusts, which indicates it began receiving payments before 1995. Also, the Trustee Chronicle states that the notes were assigned on July 1, 1994.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011