Legal Question in Wills and Trusts in California
Father, as custodian of UGMA setup 7/1978 never transferred to son when he turned 18 10/29/1986. Son wanted to keep investment, and was not informed of this CA rule by his father. August 30, 2010 asked dad to sell stock. Was informed by dad dividends did not amount to much so he would receive only the money from 100 shares sold. After the fathr sent his personal check for the sale, son found out he was lied to about the dividends and the acct. contained $35,211.52 which the father has now received from the company under the original title of the stock ("Father's Name Cust Minor's Name UGMA CA). The Statute of Limitation expired and it is too late for civil action, but could you have action for fraud for fiduciary misconduct seeing this just happened in Sept. or October?. We were informed the statute on that was three years. Also would a criminal complaint for fraud be applicable under this same condition?
2 Answers from Attorneys
You may have a case against your father as, based on your facts, the value in the account in 2010 was higher than your father stated to you it was. It appears the conversion of the property took place in 2010.
There is a fairly good chance that a fraud or breach of fiduciar duty case could be pled that would avoid the limitations period. You should consult with a local attorney.
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