Legal Question in Banking Law in California

We partnered with Mr. Y for a business with a 50/50 ownership. To make the long story short, we ended up went through arbitration to buy out his shares (50%) of the business. The whole process from setting up the business until arbitration was handled by attorney. The transaction was over and we paid Mr. Y the award in full. (Note. Mr.Y was not happy with the award amount granted by the arbitrator (a retired Judge), so he tried in many possible ways to get as much extra as he could and not letting us live well). As a result, he reported to both the Police Dept and X Bank (our former company bank account) that we forged his signature at the end when we closed the old account and transferred the remaining balance to open a new bank account but in fact we used a "pre-signed" check from him and this action was consent and was under our attorney's instruction to do so. The account then was frozen by X Bank because of this issue happened. Anyway, after 2 years of investigation, police department finally closed the case with no charges ever made and even the record is now sealed (we had documents from the PD). And we had further Arbitration Award that the Arbitrator had ordered Mr. Y to go to X Bank to close the case within 3 days so the fund will release back to us. Our attorney also confirmed this Award into a Judgment from the Court. However, Mr. Y failed to cooperate and had ignored the court order. We submitted all legal documents to X Bank and request to have the money release back to us but the legal dept from the bank denied our request and explaining to us that the request must be from Mr. Y. but not us ! We are the prevailing party, is that mean we will never get the money back unless the case is dismiss from Mr. Y?


Asked on 8/31/14, 12:35 am

1 Answer from Attorneys

Joel Selik www.SelikLaw.com

That is quite an amazing story of what you went through. You my have to get an order directing the bank or have an Elisor appointed.

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Answered on 8/31/14, 7:28 am


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