Legal Question in Real Estate Law in California
My dad left me in charge of his trust. At his passing we terminated the trust and changed the properties to our names (5 siblings) and later was converted into an LLC. Now, 3 of us want to sell and 2 do not. Can I exercise the Trustee powers to list the properties for sell, we are majority. What other avenue would be correct to follow? Thanks. LOurdes
2 Answers from Attorneys
If the properties are held in an LLC you have to proceed under the LLC governing documents. If you terminated the trust, there are no trustee powers to exercise.
You will need to review the LLC operating agreement carfefully (you did engage counsel to do this for you, didn't you? And these issues were discussed and conclusions reached?)
The operating agreement should set the rights of the members ( and managers if it is manager managed) and may include a waiver of partition rights. The operating agreement should contain your answer. If you didi not do a proper operating agreement, you fall back on the California Code provisions governing LLC's.
If the trust is terminated and the property distibuted, the trustee powers are irrelevant.
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