The Court approved, subject to conditions, the sale of the debtor's residence and certain personal property located on the premises and purportedly owned by the debtor's daughter. The Court required that one half of the allocated proceeds from the sale of the personal property be escrowed pending testimony from the debtor's daughter or her submission of an affidavit establishing her ownership of such property and the value assigned to it in the contract. After further testimony, the Court concluded that, as to some of the property, the requisite delivery of such property to constitute a completed gift under Virginia Code section 55-3 never occurred and that such property remained the property of the debtor at the time of the sale. Therefore, the Court directed that the proceeds continue to be held in escrow pending determination of the net proceeds of the sale of the real estate remaining after satisfaction of the mortgage indebtedness encumbering it and the expenses of the sale.
File:
Judge:
Date:
Wednesday, March 14, 2012
Category:
Property of the Estate
Sale of Property
Chapter:
13