Legal Question in Real Estate Law in Oklahoma
proceeds from a real estate sale not given to assignee
In 1990 a parcel of land was sold for a water line easement. The proceeds were to go to a minor child, unbeknown to her until this year. The child is now 29 yrs. old. The grandparents signed the original agreement with the water dept. and accepted the money. She has since tried to sell her property finding out in the updated abstract that she was suppose to receive $11,000.00. Does she have any recourse in collecting the money that her grandparents took from her?
1 Answer from Attorneys
Re: proceeds from a real estate sale not given to assignee
Apparently this 29 y/o was 17 at the time of the transaction and under a disability due to her minority thus preventing him/her from contracting to sell the property. Her grand-parents appear to have exercised guardianship powers, real or assumed, to transact the sale on her behalf and therefor monies received were recieved in a fiduciary/trust relationship for the benefit of the minor. If the monies were spent for the care and support of the minor then the expenditures are proper and no action against the grandparents would be successful. If otherwise, there may be several avenues to require an accounting and repayment. It is useful to know if there was a formal court guardianship or whether the grandparents were acting in some other court sanctioned capacity such as Personal Representatives in a probate estate at the time. Perhaps concerning the estate of the minor's parent. Just how it came to be that they were recognized or given authority over the property of the minor must be determined. If the sale was by some court sanctioned action, and in the final accounting the money was fraudulently undisclosed, it may be possible to set aside the final accounting. I would need this additional information before advising how to proceed. It sounds as if there may have been fraud in failing to disclose the sale proceeds. The statute of limitations does not run on fraud until two years following when it is discovered or should have been discovered by the exercise of reasonble diligence.