Curtis v. Lee Land Trust

In this controversy arising from a land trust established pursuant to Code § 55-17.1, the central question presented is whether personal liability on a deed of trust note may be imposed on the beneficiaries of the trust who did not sign the note.

In 1972, Douglas C. Curtis, a “very sophisticated” businessman who “bought and sold land on many occasions,” and his wife, entered into an option agreement with Drucker & Falk, a real estate broker, for the sale of a 77-acre tract of land in Newport News owned by the Curtises known as “Merry Oaks.” During the negotiations, Falk advised Mr. Curtis he…