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Chapter 13 Case In Oakland, California She Explained That Frank Had Been In A Car Accident And Received 5,000
Sophie filed a Chapter 11 case in Oakland, California. On September 2, 1983, Sophie recorded her assignment of the West Note and Deed of Trust to Lopez.(3) Sophie's Chapter 11 case was dismissed by court order entered on December 5, 1983. On March 8, 1984, Sophie filed a Chapter 13 case in Oakland, California. This case was dismissed by court order entered on November 15, 1984. On April 11, 1985, Sophie filed another Chapter 13 case in Oakland, California.
On April 11, 1985, Sophie filed another Chapter 13 case in Oakland, California. On May 14, 1985, Sophie sent the SBA an "Offer in Compromise" proposing to pay $21,000 to settle her debt. She claimed the SBA sent the form to her, asked her to fill it out, and agreed that it would compromise its debt if she filled out the form. She felt this was the only way the SBA would negotiate with her.(4) At trial, Sophie explained that although she believed she owed nothing to the SBA since its debt was oversecured, she sent to offer to "get rid of" the SBA and to get rid of the "ax over [her] head." This Chapter 13 case was voluntarily dismissed by court order entered on July 24, 1985.
Sometime between 1983 and 1986, Lopez was apparently made aware that Sophie had assigned the West Note and Deed of Trust to her, because on July 14, 1986, Lopez reconveyed the West note and Deed of Trust to Sophie.
A. Sophie Obtains An Annulment From Her Husband.
In early 1988, Sophie and her husband Mark Davenport were in the process of a marital annulment. On March 18, 1988, Davenport filed a Chapter 7 case. Soon thereafter, Sophie and the Chapter 7 trustee became embroiled in a series of disputes regarding whether certain marital assets were community propert y.
On April 24, 1988, Sophie assigned the West Note and Deed of Trust to her 20-year-old son, Frank. Although he was not a real estate agent or broker, and "had little or no real estate experience" at that time, Frank was President of FJV Financial, a real estate and loan brokerage company.(5)
At Sophie's 2004 exam, she claimed she sold the West Note and Deed of Trust to Frank for $5,000 cash. At trial, after Frank testified that he did not know about West Note assignment, Sophie recalled the transaction differently. She explained that Frank had been in a car accident in 1988 and had received $5,000, which he had given to Sophie. Although the gift purportedly came with no strings attached, Sophie felt she should do something nice for Frank so she assigned the West Note and Deed of Trust to him, but did not tell him about the assignment. Sophie claimed not to have actually transferred anything through the assignment because the Note was already assigned to the SBA. She stated that she intended to buy back the Note from the SBA at a later time, to give the assignment value.
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