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The property was paid for as follows: (1) A loan of $100,000
from the Winter Hill Federal Savings & Loan Association to the
decedent, secured by a mortgage on the property which was
recorded in the registry on March 25, 1977; (2) a loan of $75,000
from Henry Fluster to the decedent, secured by a mortgage on the
property which was recorded in the registry on March 25, 1977;2
and (3) $25,000 in cash.
On June 10, 1977, Frank A. Maniglia conveyed his undivided
one-half interest in the property to the decedent for a nominal
consideration. The conveyance was recorded in the registry. On
August 1, 1977, the decedent executed an indenture of trust
creating the “Fam-Trust” (Fam-Trust)3 as a nominee trust4 under
2 We note that the mortgages were recorded in March, 2
months before the conveyance of the property from Henry Fluster
to the decedent and Frank A. Manigilia. However, these facts
were stipulated by the parties, and the record does not contain
any documents indicating another recording date.
3 We note that the documents are not consistent in the
spelling of “Fam-Trust”. The above-mentioned indenture of trust
referred to the “Fam-Trust”. Other documents vary slightly. For
example, the trust has been referred to as the “Fam Trust” or
“FAM Trust”. Unless referring to a specific spelling on a
document, we will use “Fam-Trust”.
4 A nominee trust is an entity created for the purpose of
holding legal title to property. See, e.g., Johnston v. Holiday
Inns, Inc., 595 F.2d 890, 893 (1st Cir. 1979) (“A nominee trust
is an entity created for holding legal title to property with the
trustees having only perfunctory duties; upon termination of the
trust, the beneficiaries accede to title as ‘tenants in common in
proportion to their beneficial interests.’”(quoting Birnham &
Monahan, “The Nominee Trust in Massachusetts Real Estate
Practice”, 60 Mass L.Q. 364 (Winter 1976))).
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