Legal Question in Real Estate Law in California

My father opened a mutual fund acct for my nephew when he was born in 1991. He transfered the custodianship to my sister in 2004. She had the firm close and send check for $11K to herself and we don't know what she did with money and will not give my nephew access or an answer. He is now 20 years old. Can he take any legal action?


Asked on 2/18/11, 7:39 pm

1 Answer from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

You bet he can!

Custodians are custodians, not co-owners. A custodian who fails to turn over custodial property when the minor turns 18 (or other terms of the custodianship are met, which sometimes include turnover at a later age) faces suit for breach of fiduciary duty as well as possible criminal prosecution (grand larceny, for example).

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Answered on 2/18/11, 8:18 pm


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