Legal Question in Credit and Debt Law in New Jersey
joint accounts and judgments
My mother purchased a CD some years ago and continued rolling it over at each due date. Some years after that she added my name and my brother's name as joint owners of the account to facilitate access after her death. My brother (a NYC resident) passed away in May and one of his creditors has submitted a �Notice to Garnishee� to the bank against the account. The creditor was granted a judgment in 2004 by a New York City court for an amount greater than the value of the amount in the NJ bank. None of the funds in the account were from my brother. What recourse do I have as executor of his estate to have these funds restored?
1 Answer from Attorneys
Re: joint accounts and judgments
As the executrix, you probably can do nothing. However, your mother can challenge the turnover of the her money on the grounds that the joint ownership did not convey a present interest in the account. The NJ law is clear on this issue and your mother should have no problem with it if she is represented by a lawyer.
See also: http://info.corbettlaw.net/lawguru.htm
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