Landamerica 1031 exchange services inc liquidating trust


Domestic insurance companies are regulated by state agencies.

was removed, by stipulation of the parties, from Millard; and was never included in Frontier.] Thus, Millard and Frontier may be limited to companies that hold §1031 escrows other than domestic insurance companies; such non-domestic companies may include holding companies (such as the publicly held parent companies that, in this case, issue insured closing letters and guarantees), separate §1031 exchange companies (such as Land America’s Qualified Intermediary), foreign insurance companies, and title agencies.

landamerica 1031 exchange services inc liquidating trust-30

The sale was part of an Internal Revenue Code (Title 26) section 1031 (section 1031) transaction to defer the buyer's capital gain tax on the buyer's sale of another property.

Squire and Tammy Chow Weaver for Defendant and Appellant North American Title Company. CERTIFIED FOR PARTIAL PUBLICATION *INTRODUCTIONDefendant, a seller of real property, breached the real estate sales contract with plaintiff, the buyer, by causing the closing of the escrow to be delayed so that it did not close on the agreed-upon Friday set forth in the contract.

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During the 180-day period, the subject exchangor needs to avoid being in actual or constructive receipt of funds or other non-like kind property before the subject exchangor actually receives the replacement property. As part of its analysis, the Court considered it important that the exchange agreements expressly relied upon the “qualified intermediary” language of Treas. §1.1031(k)-1(g)(4), not the “qualified trust” language of Treas. Therefore, if the draftsman wants to take advantage of the qualified escrow account safe harbor or the qualified trust safe harbor, say to back-up a qualified intermediary safe harbor [which the parties are permitted to do under Treas. §1.1031(k)-1(g)(1)], it is, obviously, safer (1) to draft ;an express trust or escrow agreement; (2) if possible, to structure to elect, and to elect, as the governing law, a state with favorable laws; and (3) to incorporate the applicable state requirements for creating an escrow agreement or trust. The Court Did Not Consider Grounds – Other than Trust and Resulting Trust – Even under Virginia Law, for Excluding the Funds from the Bankruptcy Estate. March 27, 1993) (“for the purpose of the exchange .