Legal Question in Securities Law in California

jtwros account

My ex-domestic partner emptied our entire jtwros money market account into her personal checking account. Citizens Funds didn't realize since the account ''on record'' used to be our joint checking account. CF did not verify that it still was a joint checking account into which they electronically transferred the entire fund. What do I do to get my share?


Asked on 7/02/07, 10:34 pm

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

Re: jtwros account

I THINK, without being sure and without doing any research, that the following things are true:

(1) The depositary institution did nothing wrong; either owner of a joint tenancy account can transfer or cash out the entire account; but

(2) You are the owner of a half interest (or perhaps an interest dependent upon who owned the funds at the time they were first deposited) in the funds that were in the account at the time it was emptied, but your action is against your ex-domestic partner, not against the financial institution, which is not charged with keeping track of who owned the funds deposited into the joint account.

As I say, I very well may be wrong about this, but off the top of my head from a years-ago identical problem I handled, this is the way it works. I'll watch to see if any other LawGuru attorney comes in with a different opinion.

Read more
Answered on 7/03/07, 12:15 am


Related Questions & Answers

More Securities Law questions and answers in California