Laws, Regulations & Annotations

PTLG Table of Contents > Property Tax Annotations > C > 220.0000 CHANGE IN OWNERSHIP > 220.0623

Property Taxes Law Guide – Revision 2017

Property Tax Annotations

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C

220.0000 CHANGE IN OWNERSHIP

Annotation 220.0623

220.0623 Sale and Leaseback Transactions. Evidence Code section 662 provides that the owner of legal title is presumed to be the owner of the full beneficial title and that the presumption may be rebutted only by clear and convincing proof.

When the lease specifically provides that the transaction constitutes "...a bona fide purchase and lease of the property ... and shall not be construed to be a financing transaction for any purpose whatsoever....", the presumption is not rebutted, regardless of statements outside the lease to the contrary. C 3/7/1989.