LP-3 Required Reading Part Two - A

Deeds and Transfer of

I. Introduction

Before the modern-day concept of land ownership, title to was evidenced primarily by possession of the land and the power to defend the land against others. The earliest method of transferring title to real was simply surrender of possession by the claimant to another.

The of to convey has a long and colorful history. has always been transferred by giving possession of the thing itself. In feudal land transfers, the seller presented a clod of dirt from the land to the buyer in the presence of witnesses to symbolize delivery of title. Today, the delivery of the constitutes the actual transfer of title to the land.

Title to real property transfers from one person to another by one of four general means:

1. Descent;

2. Will;

3. Involuntary alienation; or

4. Voluntary alienation.

Title transfers “by descent” when a person dies without leaving a will (intestate). All states have statutes of descent and distribution providing for the orderly disposition of real property for those who die intestate. Such statutes typically distribute property to the nearest relatives, on the presumpt ion that this would have been the desire of the deceased. According to the Colorado Probate Code, a portion of which is printed below, distribution of the largest share of the property of the decedent, and never less than half of the estate, descends to th e surviving spouse.

Page 1 of 18

LP-3 Required Reading Part Two - A

§ 15-10-112, C.R.S. Cost of living adjustment of certain dollar amounts.

(1) As used in this section, unless the context otherwise requires:

(a) “CPI” means the consumer price index (annual average) for all urban consumers (CPI-U): United States city average—all items, reported by the bureau of labor statistics, United States department of labor or its successor agency or, if the index is disco ntinued, an equivalent index reported by a federal authority. If no such index is reported, the term means the substitute index chosen by the department of revenue; and

(b) “Reference base index” means the CPI for the calendar year 2010.

(2) The dollar amounts stated in sections 15-11-102, 15-11-201 (2), 15-11-403, 15-11-405, and 15-12-1201 apply to the estate of a decedent who died during or after 2010, but for the estate of a decedent who died after 2011, these dollar amounts must be increased or decreased if the CPI for the calendar year immediately preceding the year of death exceeds or is less than the reference base index. The amount of any increase or decrease is computed by multiplying each dollar amount by the percentage by which the CPI for the calendar year immediately preceding the year of death exceeds or is less than the reference base index. If the amount of the increase or decrease produced by the computation is not a multiple of one thousand dollars, then the amount of the increase or decre ase is rounded down if it is an increase, or rounded up if it is a decrease, to the next multiple of one thousand dollars, but for the purpose of section 15 -11-405, the periodic installment amount is the lump-sum amount divided by twelve. If the CPI for 2010 is changed by the bureau of labor statistics, the reference base index must be revised using the rebasing factor reported by the bureau of labor statistics, or other comparable data if a rebasing factor is not reported.

Page 2 of 18

LP-3 Required Reading Part Two - A

(3) Before February 1, 2012, and before February 1 of each succeeding year, the department of revenue shall publish a cumulative list, beginning with the dollar amounts effective for the estate of a decedent who died in 2012 of each dollar amount as increased or decreased under this secti on.

§ 15-11-101, C.R.S. Intestate estate.

(1) Any part of a decedent’s estate not effectively disposed of by will or otherwise passes by intestate succession to the decedent’s heirs as prescribed in this code, except as modified by the decedent’s will.

(2) A decedent by will may expressly exclude or limit the right of an individual or class to succeed to property of the decedent passing by intestate succession. If that individual or a member of that class survives the decedent, the share of the decedent’s intestate estate to which that individual or class would have succeeded passes as if that individual or each member of that class had disclaimed his or her intestate share.

§ 15-11-102, C.R.S. Share of spouse.

The various possible circumstances describing t he decedent, his or her surviving spouse, and their surviving descendants, if any, are set forth in this section to be utilized in determining the intestate share of the decedent’s surviving spouse. If more than one circumstance is applicable, the circumst ance that produces the largest share for the surviving spouse shall be applied. The intestate share of a decedent’s surviving spouse is:

(1) The entire intestate estate if:

(a) No descendant or parent of the decedent survives the decedent; or

(b) All of the decedent’s surviving descendants are also descendants of the surviving spouse and there is no other descendant of the surviving spouse who survives the decedent;

Page 3 of 18

LP-3 Required Reading Part Two - A

(2) The first three hundred thousand dollars, plus three -fourths of any balance of the intestate estate, if no descendant of the decedent survives the decedent, but a parent of the decedent survives the decedent;

(3) The first two hundred twenty-five thousand dollars, plus one-half of any balance of the intestate estate, if all of the decede nt’s surviving descendants are also descendants of the surviving spouse and the surviving spouse has one or more surviving descendants who are not descendants of the decedent;

(4) The first one hundred fifty thousand dollars, plus one -half of any balance of the intestate estate, if one or more of the decedent’s surviving descendants are not descendants of the surviving spouse.

(5) (Deleted by amendment, L. 2009, (HB 09 -1287), ch. 310, p. 1671, § 3, effective July 1, 2010.)

(6) The dollar amounts stated in this section shall be increased or decreased based on the cost of living adjustment as calculated and specified in section 15-10-112.

(Applies on or after July 1, 2010, to governing instruments executed by decedents who die on or after July 1, 2010)

§ 15-11-102.5, C.R.S. Share of designated beneficiary.

(1) If the decedent is survived by a person with the right to inherit real or personal property from the decedent in a designated beneficiary agreement executed pursuant to article 22 of this title, th e intestate share of the decedent’s designated beneficiary is:

(a) The entire estate if no descendent of the decedent survives the decedent; or

Page 4 of 18

LP-3 Required Reading Part Two - A

(b) One half of the intestate estate if one or more descendants of the decedent survive the decedent.

§ 15-11-103, C.R.S. Share of heirs other than surviving spouse and designated beneficiary.

Any part of the intestate estate not passing to the decedent’s surviving spouse under section 15-11-102, or to the decedent’s surviving designated beneficiary under section 15-11-102.5, or the entire intestate estate if there is no surviving spouse and no surviving designated beneficiary with the right to inherit real or personal property from the decedent through intestate succession, passes in the following order to the individuals who survive the decedent:

(1) (Deleted by amendment, L. 2010, (SB 10-199), ch. 374, p. 1748, § 5, effective July 1, 2010.)

(2) To the decedent’s descendants per capita at each generation;

(3) If there is no surviving descendant, to the decedent’s pa rents equally if both survive, or to the surviving parent if only one survives;

(4) If there is no surviving descendant or parent, to the descendants of the decedent’s parents or either of them per capita at each generation;

(5) If there is no surviving descendant, parent, or descendant of a parent, but the decedent is survived on both the paternal and maternal sides by one or more grandparents or descendants of grandparents:

(a) Half to the decedent’s paternal grandparents equally if both survive, to the surviving paternal grandparent if only one survives, or to the descendants of the decedent’s paternal grandparents or either of them if both are deceased, the descendants taking per capita at each generation; and

Page 5 of 18

LP-3 Required Reading Part Two - A

(b) Half to the decedent’s maternal grandpar ents equally if both survive, to the surviving maternal grandparent if only one survives, or to the descendants of the decedent’s maternal grandparents or either of them if both are deceased, the descendants taking per capita at each generation;

(6) If there is no surviving descendant, parent, or descendant of a parent, but the decedent is survived by one or more grandparents or descendants of grandparents on the paternal but not the maternal side, or on the maternal but not the paternal side, to the decedent’s relatives on the side with one or more surviving members in the manner as described in subsection (5) of this section;

(7) (Deleted by amendment, L. 2010, (SB 10-199), ch. 374, p. 1748, § 5, effective July 1, 2010.)

(8) (Deleted by amendment, L. 2009, (HB 09-1287), ch. 310, p. 1672, § 4, effective July 1, 2010.)

Any part of the intestate estate not passing to the decedent’s surviving spouse under § 15-11-102, C.R.S., or to the decedent’s surviving designated beneficiary under § 15-11-102.5, C.R.S., passes to the nearest surviving relatives in accordance with § 15-11-103, C.R.S.

Title to property of a decedent more often transfers “ by will.” The of each state give a person a limited right to dispose of property after death. A person who dies leaving a last is said to have died “ testate.” In no state may a decedent completely exclude a spouse from distribution of his or her property. Under the Colorado Probate Code, a surviving spouse is entitled to a share of the estate even if there is a will to the contrary. § 15-11-201, C.R.S. Right to elective-share:

Page 6 of 18

LP-3 Required Reading Part Two - A

§ 15-11-201, C.R.S. Right to elective-share.

(1) Elective-share amount. The surviving spouse of a decedent who dies domiciled in this state has a right of election, under the limitations and conditions stated in this part 2, to take an elective -share amount not greater than one-half of the value of the augmented estate, determined by the length of time the spouse and the decedent were married to each other, in accordance with the following schedule:

If the decedent and the spouse were married The elective-share to each other: percentage is:

Less than 1 year Supplemental amount only.

1 year but less than 2 years 5% of the augmented estate.

2 years but less than 3 years 10% of the augmented estate.

3 years but less than 4 years 15% of the augmented estate.

4 years but less than 5 years 20% of the augmented estate.

5 years but less than 6 years 25% of the augmented estate.

6 years but less than 7 years 30% of the augmented estate.

7 years but less than 8 years 35% of the augmented estate.

8 years but less than 9 years 40% of the augmented estate.

9 years but less than 10 years 45% of the augmented estate.

10 years or more 50% of the augmented estate.

(2) (a) Supplemental elective-share amount. If the sum of the amounts described in sections 15-11-202 (2) (d), 15-11-203 (1) (a), and that part of the elective-share amount payable from the decedent’s probate estate and nonprobate transfers to others under section 15-11-203 (2) and (3) is less than fifty thousand dollars, the surviving spouse is entitled to a supplemental elective-share amount equal to fifty thousand dollars, minus the sum of the amounts described in those sections. The supplemental

Page 7 of 18

LP-3 Required Reading Part Two - A

elective-share amount is payable from the decedent’s probate estate and from recipients of the decedent’s nonprobate transfers to others in the order of priority set forth in section 15-11-203 (2) and (3).

(b) The dollar amount stated in paragraph (a) of this subsection (2) shall be increased or decreased based on the cost of living adjustment as calculated and specified in section 15 -10-112.

(3) Effect of election on statutory benefits. If the right of election is exercised by or on behalf of the surviving spouse, the surviving spouse’s exempt property and family allowance, if any, are not charged against but are in addition to the elective-share and supplemental elective-share amounts.

(4) Nondomiciliary. The right, if any, of the surviving spouse of a decedent who dies domiciled outside this state to take an elective-share in property in this state is governed by the of the decedent’s domicile at death.

“Involuntary alienation” (alienation as used here means “transfer”) is a transfer without the owner’s consent. Examples of such involuntary transfers are tax sales and sales to foreclose a mortgage or to enforce mechanics’ or other . Involuntary alienation also occurs if title is lost through “ ,” a situation in which an owner is not making use of the property and an adverse claimant possesses the real estate openly and notoriously, hostile to, and to the exclusion of the owner for a period of time as required by law (18 years in Colorado).

“Voluntary alienation,” by , loan, trade, or sale is the normal mode of real estate transfer, whereby either all or some of the owner’s rights are voluntarily transferred to another. Examples of such transfers are: a buy -sell consummated by delivery of a deed, transfer of title by a deed of trust or mortgage as security for the payment of a note, or a lease.

The “right of alienation” is one of the “bundle of rights” of real estate ownership, allowing one to transfer ownership of real property to another. Living

Page 8 of 18

LP-3 Required Reading Part Two - A persons generally convey title by the execution and delivery of a deed. A “ deed” is a legal instrument in writing, duly executed and delivered, whereby a grantor (owner) conveys to a grantee some right, title, or interest in or to the real estate.

Real estate may also be conveyed by deed to a person (e.g., an individual, partnership, or corporation) as trustee for the benefit of a third party. The trustee then holds legal title and the third party holds the equitable title and receives the benefits.

A. Types of Deeds

There are four major classifications of deeds:

1. General ;

2. Special warranty deed;

3. Bargain and sale deed; and

4. .

The types of deeds differ solely in the degree of protection that the grantor promises or warrants to the grantee. No type of deed transfers any greater or lesser interest than another. For example, if a grantor conveys title in by a general warranty deed, the same fee simple ownership is transferred as if he or she had used a quitclaim deed. However, the general warranty deed grantor promises to defend against any loss incurred due to any title defect, whereas transfer by quitclaim deed contains no such warrant.

General Warranty Deed

A general warranty deed is one in which the grantor warrants or guarantees title against defects that existed before the grantor acquired title or that arose during the grantor’s ownership. It does not warrant against encumbrances or defects

Page 9 of 18

LP-3 Required Reading Part Two - A arising from the grantee’s own acts. The usual covenants or warranties contain ed in a general warranty deed are:

1. of seisin. Guarantees the grantor’s ownership and that he or she has the right to convey it. The fact that the property is mortgaged or is subject to some restriction does not breach this covenant.

2. Covenant against encumbrances. Guarantees that there are no encumbrances or claims against the property except those specifically excluded in the deed.

3. Covenant of quiet enjoyment. Guarantees that the grantee will not be evicted or disturbed in possession of the property. Threats or claims by a third party do not breach this covenant. The grantee would have to actually be dispossessed before being entitled to seek recovery against the grantor under this covenant.

4. Covenant of further assurance. Guarantees that the grantor will procure and deliver any other instruments that are subsequently necessary to make the title good.

5. Covenant of warrant forever. Guarantees that the grantee shall have title to and possession of the property. Sometimes considered part of “quiet enjoyment.” The first two covenants relate to the past, and generally do not “run with the land”—meaning that only the current grantee may sue the grantor for a breach. The last three covenants protect against future defects and are said to run with the land—allowing any subsequent grantee to seek remedy for breach against any previous grantor. According to § 38-30-121, C.R.S., “covenants of seisin, peaceable possession, freedom from encumbrances, and warranty contained in any conveyance of real estate, or any interest therein, shall run with the premises and inure to the benefit of all subsequent purchasers and encumbrancers.”

Page 10 of 18

LP-3 Required Reading Part Two - A

Special Warranty Deed

The grantor of a special warranty deed warrants the title only against defects arising after the grantor acquired the property and not against title defects arising before that time.

Bargain and Sale Deed

Technically, any deed that recites a consideration and purports to convey the real estate is a bargain and sale deed. Thus, many quitclaim and warranty deeds are also deeds of bargain and sale. Bargain and sale deeds often contain a covenant against the grantor’s acts, whereby the grantor warrants only that the grantor has done nothing to harm the title. This covenant would not run with the land. Examples of bargain and sale deeds with a covenant against the grantor’s acts are an executor’s or personal representative’s deed, a beneficiary’s deed, an administrator’s deed, and a conservator’s or guardian’s deed.

Quitclaim Deed

The grantor of a quitclaim deed warrants absolutely nothing. A quitclaim deed transfers the grantor’s present interest in the land, if any. A quitclaim deed is frequently used to clear up a technical defect in the chain of title, to release claims against the property, to remove an owner in a multiple ownership situation, or when someone changes their name ( e.g., to a married name). Examples of such deeds are correction deeds and deeds of release.

B. Usual Elements of Deeds

In general, the usual elements of a deed ar e:

1. Written instrument;

2. Parties – grantor and grantee;

3. Recital of consideration;

Page 11 of 18

LP-3 Required Reading Part Two - A

4. Words of conveyance;

5. Description of the property;

6. Signature;

7. Delivery and acceptance;

8. Exceptions and restrictions;

9. Warranties and covenants;

10. Date;

11. Acknowledgment; and

12. Recording.

The first seven elements above are absolutely essential for a valid deed. The other five are recommended, but will not invalidate a deed if omitted:

1. Written Instrument. A deed must be in writing to be effective. The Colorado statute of frauds, § 38-10-106, C.R.S., requires: “No estate or interest in lands, other than leases for a term not exceeding one year, nor any trust or power over or concerning lands or in any manner relating thereto shall be created, granted, assigned, surrendered, or declared, unless by act or operation of law, or by deed or conveyance in writing subscribed by the party creating, granting, assigning, surrendering, or declaring the same, or by his lawful agent thereunto authorized by writing.” Note the two exceptions to the requirement of a written instrument are: (1) a lease for a term not exceeding one year, and (2) an interest or estate created by operation of law.

The courts may set aside a deed a ltered in any manner after delivery to the grantee. This means that all blanks on preprinted forms must be filled in according to the requirements of law and the intention of the parties.

Page 12 of 18

LP-3 Required Reading Part Two - A

2. Parties: Grantor and Grantee. A valid deed must clearly name or designate the grantor who is conveying interest in the property. The grantor’s name must be identical to the name shown as the grantee in the conveyance by which the grantor received title. A minor discrepancy in name may not invalidate the deed, but could lead to legal challenge. A natural person grantor should be of sound mind. If a grantor is a minor and not of legal age, the conveyance may later be set aside and the grantor could recover the property.

A deed is void if it fails to designate with reasonab le certainty the grantee to whom title passes. Colorado deeds dated after January 1, 1977 must include the legal address of the grantee, including a road or street address. County clerks and recorders may reject a deed that does not comply. (See § 38-35-109(2), C.R.S.)

3. Recital of Consideration. A deed is valid without tangible consideration, but should contain at least a recital of consideration (e.g., for $1.00, or for love and affection). Lack of consideration does not render a gift conveyance void, but may preclude a donee (receiver of the gift) from enforcing warranty deed covenants against the donor (grantor). A gift deed may also be set aside on grounds of fraud. For example, the grantor’s creditors may set aside a deed gifting property to defraud creditors. If the deed recites consideration, the burden of proving lack of consideration is on the one who attacks the deed.

Section 39-13-102, C.R.S., requires a “documentary fee” on real property conveyances where the consideration is more than $500. Each county clerk and recorder must collect one penny per one hundred dollars (sale price x .0001) of consideration whenever a deed is recorded. The documentary fee aids county tax assessors in determining property values. Section 39-14- 102, C.R.S., requires the grantor and/or grantee to provide a “declaration” to the property tax administrator along with all conveyance documents subject to a documentary fee when presented for recording. It is a criminal offense to misstate actual consideration to the clerk and recorder. The assessor may

Page 13 of 18

LP-3 Required Reading Part Two - A impose a penalty of $25.00 or twenty-five one-thousandths of one percent of the sale price, whichever is greater, for failure of the grantee to submit the declaration. The deed itself is valid whether consideration sho wn on the face of the instrument is true and actual or nominal.

4. Words of Conveyance or Quitclaim. A deed must contain words that manifest intent to transfer title, or else it is ineffective. No specific words are required, but “sell and convey,” “grant , bargain, sell, and convey,” or “convey and warrant” are commonly used. The word “quitclaim” is substituted for “convey” in a quitclaim deed.

5. Description of the Property. A deed is not valid unless it legally describes the real estate conveyed or quitc laimed. Any description that clearly identifies the property is sufficient, but using the same legal description used in previous deeds to the same parcel avoids discrepancies in the records and possible future title litigation. Courts may be liberal in holding rather ambiguous descriptions to be valid, but a court action is a high price to pay to correct technical errors that could have been avoided when drafting the legal description.

Any deed recorded after July 1, 1992, where the legal description has been newly created, must contain the name and address of the person who created the new legal description; however, failure to include this information will not affect the validity or the recordability of the deed. (See § 38-35-106.5, C.R.S.)

Section 38-35-122, C.R.S., provides that in addition to the legal description, the street address or identifying numbers on buildings, and the assessor’s schedule or parcel number, must appear on the document of title. However, failure to include this additional information will not render the document ineffective or the title unmarketable.

Page 14 of 18

LP-3 Required Reading Part Two - A

A deed normally contains words following the description indicating that all the appurtenances go with the land. All improvements go with the land as appurtenances.

6. Signature. A deed not signed by the grantor is invalid. If there is more than one grantor (e.g., joint tenants), each must sign the deed. A few states, primarily in the east, require a seal for a deed to be valid. Colorado and most states have abolished the requirement for a seal. Colorado does not require that the signature of the grantor be witnessed.

7. Delivery and Acceptance. To be effective, a deed must be both delivered by the grantor and accepted by the grantee. The intent of the grantor determines delivery. Presenting a deed to the grantee for examination does not constitute delivery. The grantor must deliver with intent to pass title to the grantee. Under § 38-35-101, C.R.S., an acknowledged and recorded deed presumes effective delivery.

Effective delivery must occur while the grantor is alive. If a grantor executes a deed, retains it, and directs it to be delivered to the grantee at the grantor’s death, the deed does not pass title. A grantor may deliver a deed to a third party to be held and delivered later to the grantee, but to be effective, the grantor must surrender all right to control or recover the deed.

8. Exceptions and Restrictions. A grantor is assumed to convey property free and clear of all encumbrances. Therefore, the deed usually provides that the grantor conveys the property “free and clear of all encumbrances except …”—followed by the exception, such as: “subject to a deed of trust (complete description)”; or “subject to an (complete description)”; or “subject to all encumbrances and restrictions of record.”

Page 15 of 18

LP-3 Required Reading Part Two - A

A grantor may restrict the grantee’s right to use the real estate conveyed, as long as such restrictions are reasonable and not contrary to public policy. The use of such deed restrictions, or “ restrictive covenants,” is an old practice deriving from the bundle of property rights. An owner has the right of free alienation, that is, the right to dispose of his or her interest in any manner whatsoever. Once deed restrictions are established, they run with the land, limiting its use by all future grantees. Covenants are standard features in subdivisions and are intended to benefit all the landowners.

Typical restrictions deal with the minimum size of the house, type of building or roofing material, or exclusion of commercial establishments. Well-formulated deed restrictions have a stabilizing effect on property values. Homeowners are protected against forbidden uses, and may rest assured that a nuisance business will not be a neighbor or that a neighbor’s house will meet certain minimum standards. Deed restrictions must be enforced through court action brought by any party for whose benefit the restrictions were imposed.

9. Warranties and Covenants. Warranties are not an essential requirement of a valid deed. A grantor may transfer interest by a quitclaim deed, giving no warranty of any kind, or by a general warranty deed, wherein the grantor makes numerous warrants to the grantee. Section 38-30-113, C.R.S., specifies a short-form warranty deed whereby every deed that is similar to the statutory form, and which includes the words “and warrant(s) the title,” automatically implies the usual general warranty deed covenants.

In 2005, § 38-30-113(1)(d), C.R.S., added that a properly executed deed conveys the grantor’s interest, if an y, in any vacated street, alley, or other right-of-way that adjoins the real property “unless the transfer of such interest is expressly excluded in the deed.”

Page 16 of 18

LP-3 Required Reading Part Two - A

10.Date. A date is not essential for a valid deed, although it is a universal custom to date all deeds. A dated deed might obviously prevent future question or controversy concerning the time of delivery of the deed.

11.Acknowledgment. An acknowledgment is a declaration made by a person (grantor) to a notary public, or other authorized official, that the grantor executed the instrument and did so freely and voluntarily. The official fills out a certificate of acknowledgment customarily printed on the deed. Section 38-35-101, C.R.S., provides: “No officer … shall take or certify such acknowledgments unless the person making the same is personally known to such officer to be the identical person he represents himself to be…. It shall not be necessary to state such fact in his certificate of acknowledgment attached to any instrument affecting title to real property.”

In most states, including Colorado, a deed is valid and may be recorded without being notarized. Many states, however, require acknowledgment as a condition of recording.

It is always sound practice to have a deed acknowledged before recording because of the presumption of proper delivery and acceptance (see number 7 above). An acknowledged deed may be if a title controversy arises. An unacknowledged deed may only be used as evidence of the transaction if it has been recorded ten y ears or more and proven in court that the deed was properly executed. (See § 38-35-106, C.R.S.)

The facts in a deed recorded for 20 years or more may be read in evidence and received as prima facie evidence of these facts. (See § 38-35-107, C.R.S.)

Page 17 of 18

LP-3 Required Reading Part Two - A

12.Recording. A deed is valid even if it is not recorded. The wording of the Colorado recording statute is permissive (“may be”) rather than mandatory (“must be”).

Recording offers a two-fold benefit. It protects an innocent purchaser or encumbrancer from acting in ignorance of an unrecorded instrument, and it provides “constructive notice,” a legally conclusive presumption that all persons have knowledge of recorded instruments. It is in the grantee’s best interest to record the deed immediately.

Lack of acknowledgment does not invalidate constructive notice. A recorded deed that is not acknowledged still serves notice to subsequent purchasers. (See § 38-35-106, C.R.S.)

In addition to constructive notice, a purchaser or encumbrancer may have “actual notice” of another’s right or claim. For instance, a purchaser is presumed to have actual notice of all rights and claims of parties in possession of the property, so that even if the right or claim is unrecorded, the purchaser cannot defeat it.

(DORA, 9-1 – 9-10)

Cited Material:

DORA. "Chapter 9: Deeds and Transfer of Title ." Colorado Real Estate Manual. Charlottesville, VA: LexisNexis, 2014. . Print.

Page 18 of 18