PRL 101 lecture slides, March 31, 2011


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  • Undivided half interest
  • PRL 101 lecture slides, March 31, 2011

    1. 1. Chapter 14: Real Property, cont’d
    2. 3. Foreclosure Process <ul><li>Notice of acceleration </li></ul><ul><li>Advertisement of foreclosure </li></ul><ul><ul><li>Publication once a week for three successive weeks in a newspaper published in the county or counties in which such land is located. Ala. Code §35-10-13 </li></ul></ul><ul><ul><li>Many mortgages require 4 weeks </li></ul></ul>
    3. 4. <ul><li>LEGAL NOTICE </li></ul><ul><li>MORTGAGE </li></ul><ul><li>FORECLOSURE SALE </li></ul><ul><li>Default having been made in the payment of the indebtedness secured by that certain mortgage executed by Alberta Lewis Foster, a single person, to Wells Fargo Bank, N.A., on the 26th day of July, 2007, said mortgage recorded in the Office of the Judge of Probate of Tuscaloosa County, Alabama, in Mortgage Book 2007, Page 82632; the undersigned Wells Fargo Bank, N.A., as Mortgagee/Transferee, under and by virtue of the power of sale contained in said mortgage, will sell at public outcry to the highest bidder for cash, in front of the main entrance of the Courthouse at Tuscaloosa, Tuscaloosa County, Alabama, on March 26, 2009, during the legal hours of sale, all of its right, title, and interest in and to the following described real estate, situated in Tuscaloosa County, Alabama, to-wit: </li></ul><ul><li>All of Lot 34 Meadowlawn as recorded in Plat Book 6 at Page 30 in the Probate Office of Tuscaloosa County, Alabama; reference to which map or plat is hereby made in aid of and as a part of this description. </li></ul><ul><li>THIS PROPERTY WILL BE SOLD ON AN &quot;AS IS, WHERE IS&quot; BASIS, SUBJECT TO ANY EASEMENTS, ENCUMBRANCES, AND EXCEPTIONS REFLECTED IN THE MORTGAGE AND THOSE CONTAINED IN THE RECORDS OF THE OFFICE OF THE JUDGE OF PROBATE OF THE COUNTY WHERE THE ABOVE-DESCRIBED PROPERTY IS SITUATED. THIS PROPERTY WILL BE SOLD WITHOUT WARRANTY OR RECOURSE, EXPRESSED OR IMPLIED AS TO TITLE, USE AND/OR ENJOYMENT AND WILL BE SOLD SUBJECT TO THE RIGHT OF REDEMPTION OF ALL PARTIES ENTITLED THERETO. </li></ul><ul><li>This sale is made for the purpose of paying the indebtedness secured by said mortgage, as well as the expenses of foreclosure. </li></ul><ul><li>The Mortgagee/Transferee reserves the right to bid for and purchase the real estate and to credit its purchase price against the expenses of sale and the indebtedness secured by the real estate. </li></ul><ul><li>This sale is subject to postponement or cancellation; contact Ginny Rutledge at the phone number shown below prior to attendance at sale. </li></ul><ul><li>Wells Fargo Bank, N.A., Mortgagee/Transferee </li></ul><ul><li>Ginny Rutledge </li></ul><ul><li>SIROTE & PERMUTT, P.C. </li></ul><ul><li>P. O. Box 55727 </li></ul><ul><li>Birmingham, AL 35255-5727 </li></ul><ul><li>Attorney for Mortgagee/ </li></ul><ul><li>Transferee </li></ul><ul><li>(205) 918-5060 </li></ul><ul><li> </li></ul><ul><li>THE TUSCALOOSA NEWS </li></ul><ul><li>February 16, 23, </li></ul><ul><li>March 2, 2009 </li></ul>
    4. 5. Sale at auction <ul><li>Legal hours of sale: 11am-4pm </li></ul><ul><li>Place: Main or front door of courthouse </li></ul><ul><li>Ala. Code §35-10-14 </li></ul><ul><li>Record foreclosure deed: A deed to land sold by foreclosure may be executed by any person making the sale. Such deed vests the legal title of the land sold. Ala. Code §35-10-12 </li></ul>
    5. 6. Chapter 15: Estates and Elder Law
    6. 7. Estate Planning <ul><li>Estate </li></ul><ul><li>Probate </li></ul><ul><li>Intestacy (without a will) </li></ul><ul><ul><li>Intestate succession </li></ul></ul><ul><ul><li>Heirs </li></ul></ul><ul><ul><li>Escheat </li></ul></ul>
    7. 9. Wills <ul><li>Requirements </li></ul><ul><ul><li>Testamentary intent </li></ul></ul><ul><ul><li>Capacity </li></ul></ul><ul><ul><ul><li>Nature of a will </li></ul></ul></ul><ul><ul><ul><li>Nature of property </li></ul></ul></ul><ul><ul><ul><li>Objects of natural bounty </li></ul></ul></ul><ul><ul><ul><li>But: Lucid interval </li></ul></ul></ul><ul><ul><li>Form </li></ul></ul><ul><li>Revocation </li></ul><ul><ul><li>Writing </li></ul></ul><ul><ul><li>Act </li></ul></ul>
    8. 10. Formalities <ul><li>In writing </li></ul><ul><li>Signed by testator </li></ul><ul><li>Two witnesses </li></ul><ul><ul><li>Witnessed signing or </li></ul></ul><ul><ul><li>Testator’s acknowledgement </li></ul></ul><ul><li>Self-proved </li></ul><ul><ul><li>Notarized signatures of testator and witnesses </li></ul></ul>
    9. 12. Holographic wills <ul><li>Unwitnessed will written entirely in testator’s handwriting </li></ul><ul><li>Not valid in Alabama* </li></ul>
    10. 14. Trusts <ul><li>Beneficial ownership for another </li></ul><ul><ul><li>Settlor donates property to trust </li></ul></ul><ul><ul><li>Trustee has legal title to property </li></ul></ul><ul><ul><li>Beneficiary has beneficial use </li></ul></ul><ul><li>Spendthrift Trust </li></ul><ul><ul><li>Protected from Beneficiary’s creditors </li></ul></ul>
    11. 15. Why use a trust? <ul><li>Privacy </li></ul><ul><li>Control use of money </li></ul><ul><li>Avoid creditors </li></ul><ul><li>Avoid probate </li></ul><ul><li>Tax planning </li></ul>
    12. 16. Chapter 16: Family Law
    13. 17. Family Law <ul><li>Marriage </li></ul><ul><li>Divorce </li></ul><ul><li>Child Custody </li></ul><ul><li>Visitation </li></ul><ul><li>Child Support </li></ul>
    14. 18. Premarriage issues <ul><li>Promise to marry </li></ul><ul><li>Engagement ring </li></ul><ul><li>Prenuptial agreement </li></ul><ul><ul><li>In writing (Statute of Frauds) </li></ul></ul>
    15. 19. Marriage <ul><li>Requirements </li></ul><ul><ul><li>Age </li></ul></ul><ul><ul><li>Marriage license </li></ul></ul><ul><ul><li>Ceremony </li></ul></ul>
    16. 20. Common law marriage <ul><li>Parties are eligible to marry </li></ul><ul><li>Voluntarily intend to be husband and wife </li></ul><ul><li>Cohabitate </li></ul><ul><li>Hold themselves out as husband and wife </li></ul><ul><li>There is no common law divorce </li></ul>
    17. 21. Adoption <ul><li>Agency </li></ul><ul><li>Open </li></ul><ul><li>Private </li></ul><ul><li>Independent </li></ul><ul><li>Foreign </li></ul>
    18. 23. Annulment <ul><li>Consanguinity </li></ul><ul><li>Prior marriage </li></ul><ul><li>Underage </li></ul><ul><li>Under the influence </li></ul><ul><li>Impotency </li></ul><ul><li>Fraud/duress </li></ul>
    19. 24. Divorce <ul><li>Community Property States: </li></ul><ul><ul><li>Arizona </li></ul></ul><ul><ul><li>California </li></ul></ul><ul><ul><li>Idaho </li></ul></ul><ul><ul><li>Louisiana </li></ul></ul><ul><ul><li>Nevada </li></ul></ul><ul><ul><li>New Mexico </li></ul></ul><ul><ul><li>Texas </li></ul></ul><ul><ul><li>Washington </li></ul></ul><ul><ul><li>Wisconsin </li></ul></ul>
    20. 25. Marital property
    21. 26. Separate property
    22. 27. Divorce <ul><li>Common law states </li></ul><ul><ul><li>Equitable division </li></ul></ul><ul><ul><ul><li>length of marriage </li></ul></ul></ul><ul><ul><ul><li>occupation </li></ul></ul></ul><ul><ul><ul><li>standard of living </li></ul></ul></ul><ul><ul><ul><li>wealth and earning ability </li></ul></ul></ul><ul><ul><ul><li>Who has custody </li></ul></ul></ul><ul><ul><ul><li>Health </li></ul></ul></ul><ul><ul><ul><li>Other relevant factors </li></ul></ul></ul>
    23. 28. Divorce issues <ul><li>Division of debts </li></ul><ul><li>Support obligations </li></ul><ul><ul><li>Alimony </li></ul></ul><ul><ul><li>Child Support </li></ul></ul><ul><li>Child custody </li></ul><ul><ul><li>“ Best interests of the child” </li></ul></ul>
    24. 29. Photo credits <ul><li>Bundle Chair: Ruth Weber, </li></ul><ul><li>Foreclosure: </li></ul><ul><li>Lanlord tenant: </li></ul><ul><li>Shard villa: </li></ul><ul><li>Update your will: </li></ul><ul><li>Shakespeare’s Will: </li></ul><ul><li>Trust: </li></ul><ul><li>Billboard: </li></ul><ul><li>Cat: </li></ul><ul><li>Divorce beach: </li></ul>