Legal Question in Banking Law in Florida
BB&T a bank in Florida held an IRA for my recently deceased aunt. The bank was given instructions from the estate attorney to divide the IRA to the heirs in the following proportions: 50% to Surviving Sister and 50% split between niece and nephew of a predeceased sister's children. The Bank mistakenly issued checks in the amount of 33.3% in lieu of estate attorney's instructions. Checks were received and verified with BB&T and credit was given to the heirs.
BB&T is now admitting that their employee made a mistake and are requesting the mistaken overpayment be sent back. The Bank waited 2-3 weeks before they caught their error and notified the heirs.
What are my legal obligations to return the money?
1 Answer from Attorneys
The persons to whom the checks were mistakenly issued must return the money to the estate. The bank may be liable for attorney's fees to correct the mistake if the estate sues the bank for it.
As a recipient of the money mistakenly given to you, it's not yours, and you must return it. It is criminal theft to keep it if you know it's not yours. Research what is "criminal theft" and see that it applies--Intent to deprive another of his property with knowledge it is not yours.
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