ASSIGNMENT OF BENEFICIAL INTEREST UNDER MORTGAGE

FOR VALUE RECEIVED, the undersigned, as Beneficiary hereby assigns and transfers to __________ whose address is _____________ all beneficial interest under that a certain Mortgage dated _____________, executed by ______________________, Trustor, to ___________, Trustee, and recorded on ______________, 19 _____, in Book/Docket _____________, at Page ____________ OR Document Number ________________, or as Instrument Number _________________, (_______ pages), of Official Records of the County Recorder of ________________ County, Queens, described property therein as: Together with the note or notes therein described or referred to, the money due or to become due thereon interest, and all rights accrued or to accrue under said Deed of Trust. IN WITNESS WHEREOF, said Beneficiary has signed this instrument on ______________________________________. _______________________________________ Assignor-Beneficiary _______________________________________ Assignor-Beneficiary STATE OF ______________ ) ) ss County of _______________ ) This instrument was acknowledged before me this ____day of ____, 2010 by ___________________________ and ___________________________. ___________________________________ Notary Public My commission will expire________________

A trust creates two ownership interests.except by gift. There are five types of property ownership recognized under this category of property law. "defeasible fees" (DF). To help resolve such disputes. There are three types of property ownership recognized under this category of property law. It also creates an equitable interest in the beneficiary(s) who has the right to use and enjoy the property subject to the terms of the trust. then the LE is terminated. These are called "reversions". An FT is property that can be owned only by lineal successors. There are two types of marital property. TRUST 3. "life estate" (LE) and tenancies. Under community property all property obtained during the marriage --. DFs are property that can be terminated by the occurrence of an event that was prohibited by the prior owner of the property when he transferred the property to the current owner.In our capitalist economic system. Within these categories are various types of property ownership. These are called "community property" and common law marital property. Once that person's life has ended. ownership of property is often a source of prestige and power. These are called "fee simple absolutes" (FSA). Tenancies are interests in property that tenants obtain from their leases. PRESENT POSSESSORY REAL PROPERTY 1. An FSA is property that can be owned indefinitely. "fee tail" (FT). An EI is an interest in land that a third party owns that will become possessory upon the occurrence or nonoccurrence of an event regardless of whether the prior estate has terminated naturally. MARITAL PROPERTY 4. Inevitably disputes arise as to ownership of property. A "reversion" is an interest in land that the grantor owns which will become possessory upon the occurrence or nonoccurrence of an event. or inheritance --- . the law recognizes five categories of property ownership. A "remainder" is an interest in land that a third party owns which will become possessory upon the natural termination of the prior estate. FUTURE INTERESTS IN REAL PROPERTY 2. "remainders" and "executor interests" (EI). will. An LE is one that lasts for the life of an individual. invest and improve the trust property for the benefit of the beneficiary(s). It creates a legal interest in the trustee(s) who has the right to manage.

. by inheritance. Under common law. which was owned by the spouses in equal shares unless "fairness" requires a different distribution.was assumed to be marital property. all property owned by the spouses is considered marital property that is subject to a "fair and equitable" distribution by the courts upon divorce. All property obtained by a spouse before marriage. after permanent separation. SEPARATE PROPERTY 5. by gift or by will was to be his or her separate property. At divorce that property cannot be reached by the other spouse.

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