Legal Question in Real Estate Law in Florida

Real Estate Split Between 2 Trusts
My sister and I are beneficiaries of our parent's irrevocable trusts. We both own their previous condominium, along with a bank acting as corporate co-trustee. My sister wants me to buy out her half of the condo, which I am willing to do, and I have plenty of assets to liquidate in my trust to make an equal exchange for half the appraised amount. The problem is, the bank who is co-trustee with us is saying that I cannot liquidate any assets in my trust to complete the transaction. They are saying that I have to either pay my sister cash or take out a mortgage to finance the exchange. This makes absolutely no sense to me. I hope you can give me some insight into this situation. Thanks very much!

Asked on 9/16/07, 1:33 am

David Slater David P. Slater, Esq.

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Re: Real Estate Split Between 2 Trusts

Without reading the trust agreement , no one can answer properly.

Answered on 9/16/07, 10:32 am

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