- 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