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Utah Banking Questions & Answers
2 Answers | Asked in Estate Planning, Banking, Collections and Elder Law for Utah on
Q: Is the surviving spouse responsible for the debts of the deceased spouse
Wesley Winsor
Wesley Winsor answered on Nov 22, 2021

Yes and no. Nor for personal debts, student loan debts, credit card debts etc. but yes to medical bills. The creditors have a right to make a claim against his estate and the estate has an obligation to pay it as long as the assets in the estate are over and above the exemption amount. The... Read more »

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1 Answer | Asked in Bankruptcy and Banking for Utah on
Q: My credit union reported late loan payments when I was unemployed due to COVID-19, after being accommodated?

I was paid unemployment (California) based on $3,000 out of $38,000 in wages, against CARES Act calculation of unemployment for pandemic effected workers, and received only $87/week instead of $369, which disqualified me for extra $300/week in federal assistance.

As of Jan 31, 2020, I was... Read more »

Timothy Denison
Timothy Denison answered on Feb 15, 2021

Give the reporting agency copies of your extensions and challenge the late reports on your credit report. That should be sufficient to correct it.

1 Answer | Asked in Real Estate Law and Banking for Utah on
Q: my mom and I are both on the title of the house how do I remove her off without her signing ?

She won’t sign for me to refinance. I am the main person on the loan and she’s a co-signer. I don’t want her on my loan.

Kenneth Prigmore
Kenneth Prigmore answered on Jan 20, 2021

When you add someone to the title of your home, you have given them partial ownership. If you did not specify how much ownership on the deed, then everyone listed on the deed has an equal share. In a lawsuit started by either party, the home could be forced to be sold and the proceeds divided... Read more »

1 Answer | Asked in Banking and Elder Law for Utah on
Q: If my daughter has a joint account with her grandfather can she help herself to his money when ever she pleases.

He sold his home, she had the money put into an old account with both their names (left over from car loan) now she has taken a ton of money and he has no clue. This man has nothing but what was from the house. She thinks it's not illegal. Isn't it theft by deception? What can I do to... Read more »

Mike Branum
Mike Branum answered on Jul 30, 2020

She could be at risk of being charged with exploitation of a vulnerable adult. If you have any influence with your father, he needs to remove his money from the account and put it in an account only he or trusted persons have control over. He can always designate someone to have control of the... Read more »

1 Answer | Asked in Contracts, Estate Planning, Admiralty / Maritime and Banking for Utah on
Q: website doesnt have UCC 9-105 (1)(n) & (1)(h) listed, do u have link to where I can view them online
Tim Akpinar
Tim Akpinar answered on Jun 30, 2020

It looks like some of the other ordinary resources that post UCC 9-105 (Control of Electronic Chattel - Paper) do not include them. You posted under Admiralty/Maritime - I checked but could not find cross references under ordinary maritime laws I work with. The attorneys familiar with banking... Read more »

1 Answer | Asked in Banking and Social Security for Utah on
Q: Is it against the law for a bank to ask for the last 4 of someone's social security number to verify them?

I work at an online bank based out of Utah. We offer equipment loans for things like semi trucks and trailers. We do not have a physical branch for customers to visit, so everything is done over the phone. Part of our normal verification procedure is to ask for a loan customer's name, address... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on May 11, 2020

If you work for a legitimate online bank located anywhere in the United States, the chances are very good that your online bank has competent legal counsel to answer this very simple question. If your bank does not have competent legal counsel they are walking a tightrope that crosses a very deep... Read more »

1 Answer | Asked in Banking for Utah on
Q: Why does my bank need a "abundance of caution lien" on my paid off home in order to get a new $550k construction loan?

The new home build lot I own outright has a value $155k. My income per month is $6500 after taxes. My DTI is 32% and my FICO is 771

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Jul 25, 2019

Based upon the (limited) financial facts presented (your age being the most important unknown fact omitted), IMPO your best course of action is to shop around for a new bank that appreciates excellent customers like you.

Having been a commercial bank officer myself--before going to law...
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3 Answers | Asked in Bankruptcy and Banking for Utah on
Q: If I stop paying my Credit Cards because I know I'll be filing Chapter 7 in a few months. What do I do with extra cash?

For my unsecured debt, the minimum payments are $1200 a month. If I stop paying them because I plan to file what am i expected to do with the excess money. I, of course, will need some to live on and but will probably have $500 leftover. I image if I put that in my mattress it will need to be... Read more »

Cristina M. Lipan
Cristina M. Lipan answered on Apr 2, 2019

You can exempt certain assets. If you have enough exemptions to cover that extra cash it's not a problem what you do with it, it's yours. To be safe, just don't take too long to file your bankruptcy case so you don't accumulate so much.

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