Landamerica 1031 exchange services inc liquidating trust

Posted by / 18-Sep-2017 16:07

Though each of the 450 open transactions was governed by a separate agreement, two primary transaction frameworks had been employed: agreements contemplating that the pertinent exchange funds would be placed in a separate account associated solely with the appropriate customer's name, and agreements that contemplated the commingling of the exchange funds.

As part of these transactions, a customer and the debtor entered into three substantially identical agreements pursuant to which the debtor acted as the qualified intermediary.One tool often employed for this purpose was §1031 of the Internal Revenue Code.Section 1031 permits the deferral of gain recognition upon the sale of investment or business property if the proceeds are reinvested in similar property as part of a qualifying like-kind exchange.The court would not allow the use of parol evidence to establish the existence of a trust, nor would it impose such an outcome in light of such a clear contrary intent.Clearly influencing this outcome was the court's view that the parties were sophisticated and had consulted legal counsel in drafting the exchange agreements.

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The court concluded that the debtor and customer had entered into fully integrated agreements that evidenced an intention not to create a trust.

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