Legal Question in Banking Law in Georgia

annunity

my wife pleged an annunity in order to get a bank loan for a son- in-laws business. he went bankrupt and the bank took the annunity and cashed it in without notifying my wife or son-in-law. they were the midst of a merger and now are part of the second largest bank in the country. it seems to me she should have, at least, been notified of what they were doing. over $30,000 just disappeared and i and my wife are aggravated. do we have a leg to stand on with their merger partner since they no longer exist.


Asked on 5/22/07, 4:47 pm

2 Answers from Attorneys
John Jackson Law Office of John A. Jackson, P.C.

Re: annunity

What does the security agreement your wife signed with the bank say? I suggest that you review that document to see if the bank was able to take the annuity without notice to your wife.

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Answered on 5/22/07, 4:59 pm
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: annunity

In addition to reading your documents, how were you damaged? Do you believe that the Bank would have provided notice, then allowed you to withdraw the funds to avoid their levy? The Bank asked for collateral for the very purpose of taking it in the case of a default.

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Answered on 5/22/07, 5:15 pm


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