QUESTION

Does the fact that the Grant Deed fails to state the limited partnership’s capacity as Trustee cause a legal problem, and if so what is the easies

Asked on Jul 27th, 2016 on Commercial Real Estate - California
More details to this question:
The Facts: (1) In 2002 myself and 3 other investors purchased a commercial building in Los Angeles, each buying a 25% ownership interest as Tenants in Common. (2) In 2003 I formed a Texas limited partnership. I have a 99.5% interest as a limited partner, and the general partner is a Texas corporation with a 0.5% interest. I own 100% of the shareholding of the general partner and am the sole officer and sole director. (3) In 2003 I set up a revocable Grantor Trust with myself as the sole trustee and the Trust Deed naming the limited partnership as the sole Trustee; (4) In 2003 my 25% ownership interest in the commercial property in Los Angeles was transferred to the limited partnership by means of a Grant Deed. The Grant Deed named the limited partnership as the Grantee, but did not specify the partnerships capacity or role as the Trustee of the trust. (5) The idea was for the partnership to only hold legal title to the while I operated the property and collected the rental income.
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1 ANSWER

Estate Litigation Attorney serving Redlands, CA at Price Law Firm, APC
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I'm sorry, but your facts are complex enough that you would need to bring your documents to an attorney to sort out.  Please contact an attorney for a full consultation.
Answered on Jul 29th, 2016 at 9:20 AM

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