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Generally, items purchased on credit are characterized by the state of mind of the lender. If a lender relies on both community and separate estates for repayment, the asset is not apportioned. The court determines which source is primarily relied on and that controls the classification of all the proceeds. Other authorities state that the procommunity presumption should be applied. In a credit acquisition, the encumbering of separate property as security rebuts the procommunity presumption and the loan proceeds will be presumed to be separate even if the proceeds are acquired during marriage. If the value of the separate property is less than the debt, the lender may be relying primarily on community wealth thus rebutting the pro-separate property presumption. If the lender can look only to the asset being purchased for security for payment of the debt, the lender intent test cannot be used. Usually the entire asset is characterized according to the down payment. If the lender demands the signature of the second spouse on a promissory note, it may well signal an intent on the lender's part to look to that spouse's separate property for repayment. If so, the acquisition would be the separate property of ...

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