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guaranties, for himself and for decedent under the power of
attorney.
The Bigelows received $68,630 from the transaction after
payment of closing costs. As consideration for the sale or
exchange of their interests in the Sand Point Road property,
decedent’s daughters each received $17,508.82, Mr. Bigelow
received $7,571.32, and decedent’s trust received $25,833 and the
Padaro Lane property subject to the Great Western Bank mortgage.
The Bigelows executed deeds transferring the Sand Point Road
property to the Seamans. The trustees of decedent’s trust leased
the Padaro Lane property back to the Seamans. The lease provided
for an initial term of 12 months and for rent of $3,500 per
month.
E. The Union Bank Line of Credit
In December 1993, decedent’s trust obtained a $100,000 line
of credit from Union Bank secured by a second position deed of
trust on the Padaro Lane property. Decedent guaranteed the
performance of decedent’s trust under the line of credit.
Decedent’s trust drew down $100,000 on the Union Bank line
of credit between December 1993 and November 1994. Decedent’s
children and grandchildren received gifts of money from the
proceeds of the line of credit in amounts not specified in the
record. The amount owed on the Union Bank line of credit was
$100,130.50 in November 1994.
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Last modified: May 25, 2011