Remnant Assets including Distribution Rights for Sale
Listing Information
Remnant Assets including Distribution Rights for Sale
Price: $20,000.00
Created: 06/18/2018
Category: Business Property > Equipment > Remnant
Sale Date: None Set
Trustee
3800 Osuna Rd NE STE #2
Albuquerque, NM 87109
505-244-1152
Description
Sale of Remnant Assets including seller's Distribution Rights consists of the seller's estate, consisting of known or unknown claims, property rights, or assets, which have not been previously sold, assigned, or transferred (collectively, the “Remnant Assets”), included in the proposed sale of remnant assets is Debtor’s right to receive discretionary distributions from the Trust. The seller is a beneficiary of the Trust. The settlor of the Trust is Marie Sasso who was the seller's mother. She passed away on September 10, 2008. The third restated Trust document provides that upon the death of the settlor, the trustee of the Trust was to make specific distributions to certain identified beneficiaries. Thereafter, ninety-seven percent of the remainder of the Trust estate was to be distributed to Dennis J. Pantano and Michael Manno as co-trustees (the “Co-Trustees”). The third restated Trust document further provides that no later than 90 days of the Settlor’s death, the Co-Trustees may distribute the sum of $2,500 per month to the beneficiary for his lifetime including any additional amounts the trustees deem reasonable and appropriate in their sole discretion for his medical care and financial needs.