Legal Question in Business Law in Minnesota

Still haven't had an answer to my question as to whether I can donate land, partially owned by my business and partially by a bank loan, directly to the city. Land is owned by an LLC NOT personally by me. Bank doesn't want the land as the taxes are more than the loan is. Land is appraised at slightly more than what the loan is but taxes owed are far more than what is owed to the bank. And again the bank doesn't WANT the land!!! Also City would love to have it so they can pay off themselves with their assessments which is what caused the problems in the first place. So can it be donated or not??


Asked on 9/19/09, 12:14 am

1 Answer from Attorneys
Sam Calvert Calvert Law Office

It takes two to donate--the giver and the recipient. So if the City will agree to accept it, and if the bank will agree to release it (or if the City will pay the bank something which the bank will accept to release its mortgage), it could probably be done. There may be income tax issues, which you will need to check with your accountant regarding.

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Answered on 9/26/09, 11:46 am


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