Legal Question in Real Estate Law in California
My mother inherited a minority share in an apartment building. She is paid out a monthly payment on the profits by the managing partner. She has given me power of attorney. In the process of going through some of her papers I have found five uncashed checks for a total of six thousand dollars from the partnership. These checks date from between 1995 and 2002. Is there any interest due on these checks as the money should have been sitting in the managing account all this time? We are in California.
1 Answer from Attorneys
Actually the money should have been sent to the state under a slightly arcane legal principal called "escheat." It would not have borne interest there, and you would have had to go through a claims process to get it back from the Secretary of State. So, were I in your shoes, I'd just arrange to get the money from the managing partner now and be glad you didn't have to track it down with the state.
Related Questions & Answers
-
Upon moveout after 8 years is tennant responisble to clean carpet? Asked 10/03/09, 4:26 pm in United States California Real Estate and Real Property
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
