Legal Question in Business Law in Louisiana
taking someone elses money
I'm running behind in payments for some business loans.So the bank took my Mom's saving acount.Years ago she put my name on it so I could use it to pay off any debts after she dies.It was only 35 hundred dollars.It is all hers.Do they have a right to take her money? Can something be done to get it back? Thank You.
1 Answer from Attorneys
Re: taking someone elses money
Unfortunately, it would appear that the bank perceives that this money was no longer just your mother's--they consider it to be yours OR your mother's. When your mother "put your name on the account" those several years ago, not only was she allowing you the legal right to access those funds to pay off her debts after her death without her additional approval needed but, in the bank's eyes, she was also apparently effectively "donating" those funds to you by making you a joint account holder. As it would seem, based on the bank's actions, you or she alone could withdraw any part or the entire balance independent of the other at any time. As such, I suspect that the account was listed as "Mom OR Son" and, if so, the money--in the bank's eyes--no longer was just all of your Mom's money but became either your Mom's OR your money at any given moment.
Before simply accepting my comments--THIS IS NOT A LEGAL OPINION OF YOUR PROBLEM--I suggest that you make an appointment with a live local lawyer for a paid, in-person consultation and bring with you copies of the bank statement(s), any seizure notices, etc. Let the lawyer hear the whole story, review your documentation and give you a
true professional legal opinion of your situation beyond this basic, general on-line commentary.
Good luck....
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