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12/05/97, 2:10 pm

Legal Question

Statue of limitations

My daughter was hit by a car. A trust was set up by court order until her 18th birthday. Her father managed to get the money out of the account before her 18th birthday and spend it. Now my daughter is out the money and her father does not have it. Is the bank liable for releasing the money or what can be done? Also - is there a statue of limitations for filing a claim?

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Misuse of Trust Funds I don't know the laws in your state regarding trusts for the benefit of minors, but in Arizona, th...

Answered By:

Kathleen Coughenour DeLaRosa

Misuse of Trust Funds

I don't know the laws in your state regarding trusts for the benefit of minors, but in Arizona, the money is put into a restricted account and the bank needs a court order to release funds. If the laws in your state are similar, you might have a cause of action against the bank. You also may have a cause of action against the father for breach of fiduciary duty. Check with a lawyer in your area right away, and also check on statute of limitations problems (although the statute probably didn't start running until your daughter turned 18 and either did discover or should have discovered the missing money).

Bank's Liability The Statute in NY will vary on the facts, but if there was fraud it is six years or two from the date o...

Answered By:

Bunji Fromartz

Bank's Liability

The Statute in NY will vary on the facts, but if there was fraud it is six years or two from the date of discovery whichever is later.Time will not begin to run until your child becomes 18. additionally as the Bank needed a court order to release the funds it is probably liable, also the father may be sued if he wasted the trust funds. You shoud advise what state the fund was setup in and the location of the court that ordered it set up.Contact an attorney immediately!!!

This transmission is not legal advice, nor does it imply an attorney client relationship. It is always my opinion that consultation with an attorney after setting out all the facts is the only proper way to receive legal advice.

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