Borrower wishes to retain property for own or others' benefit. Fund proceeds go to estate for attorney and creditor distribution. Borrower acts only in fiduciary capacity. Borrower wishes to retain property for benefit of others. Fund proceeds go to estate for attorney and creditor distribution.
Borrower wishes to retain property for own or others' benefit.
Fund proceeds go to estate for attorney and creditor distribution. If trustee authority an issue, Nunc Pro Tunc order can often resolve. Permits maximum flexibility to structure financing without transfer or tax flagging. You must plan to be accountable for how you use the loan proceeds. If you are borrowing as a fiduciary, the money belongs to the estate until the court permits some or all of the proceeds to be distributed.