Washington Code 9A.82.150 – Criminal profiteering lien — Conveyance of property by trustee, liability
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(1) If a trustee conveys title to real property for which, at the time of the conveyance, the trustee has been personally served with notice as provided in RCW 9A.82.130(1) of a lien under this chapter, the trustee shall be liable to the state for the greater of:
Terms Used In Washington Code 9A.82.150
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Lien: A claim against real or personal property in satisfaction of a debt.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
(a) The amount of proceeds received by the person named in the lien notice as a result of the conveyance;
(b) The amount of proceeds received by the trustee as a result of the conveyance and distributed by the trustee to the person named in the lien notice; or
(c) The fair market value of the interest of the person named in the lien notice in the real property so conveyed.
(2) If the trustee conveys the real property for which a lien notice has been served on the trustee at the time of the conveyance and holds the proceeds that would otherwise be paid or distributed to the beneficiary or at the direction of the beneficiary or beneficiary’s designee, the trustee’s liability shall not exceed the amount of the proceeds so held so long as the trustee continues to hold the proceeds.
NOTES:
Purpose—Effective date—2001 c 222: See notes following RCW 9A.82.001.