James M. MacDonald II loaned Joseph Gayton $325,000, which was not secured by real estate or any other asset. On Feb. 2, 2001, before repaying the debt to MacDonald, Gayton conveyed his joint-tenancy interest in the family home to his wife, Monica, by a quitclaim deed. Before the transfer, Gayton and Monica held title to the home as joint tenants. The quitclaim deed was recorded with the county recorder of deeds on March 15, 2001. Purchase Bob Bruss reports online. MacDonald, as trustee and sole beneficiary of a retirement plan, filed a lawsuit against Gayton on Aug. 7, 2003, for nonpayment of the $325,000 debt. But Gayton died on Nov. 26, 2003, without any assets. On Dec. 22, 2003, the court entered a judgment in favor of MacDonald for $357,140, including unpaid interest against ...
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