Checklist for a transfer of business real property to a plan
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- List the property, the transferor, any mortgage, who placed the mortgage and when, and whether the file calls the transferor a party in interest. Do not approve the transfer.
- What the lawyer must review
- 29 U.S.C. § 1106(c) treats a transfer of real or personal property by a party in interest to the plan as a sale or exchange if the plan assumes a mortgage or similar lien, or if a party in interest placed that lien within the 10 years ending on the transfer. Section 1106(a)(1)(A) and (B) separately restrict sales and loans with a party in interest, except as section 1108 provides. Section 1108 was not opened. Section 1104 still requires prudence. This is not a limited-recourse borrowing arrangement and not a contribution of business real property under Australian rules. You decide whether the transfer can proceed.
- Written for / version
- United States versionUS
Who does what
| Role | What they do |
|---|---|
| Assistance | Consider narrowly defined preparation support after confirming the tool’s capability and permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
- Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.