Legal Question in Banking Law in Indiana

Money Transfer

I own a joint checking account for a business that was closed. My partner and I set it up with the requirement that checks require 2 signetures. I have that he and the band opeaned a savings account and transfered the entire balance of $10,000.00 to the savings then my partner withdrew the funds from the savings account. The bank tells me that my partner explained to them that I would be in to sign a signiture card. Can the bank really do this with out my knolage? and there is $ 6,500.00 gone.

Asked on 11/09/02, 7:42 am

1 Answer from Attorneys

John Bator Bator Redman & Shive

Re: Money Transfer

It sounds like the bank may be liable for the transferred funds-of course they will go after your partner for the money and you will be required toassist. Also, you can chase him for your half share too. Hire experienced bank counsel asap

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Answered on 11/09/02, 10:39 am

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