Q: CAN OWNER#1 TAKE OWNER#2 OFF CORPORATION BANK ACCOUNT WITHOUT THEIR KNOWLEDGE OR CONSENT?
.My husband and I own a business corporation 50/50. We are the only 2 shareholders.We opened a corporation bank account under the corporation name and listed him as owner #1 pres and myself owner #2 sec /treas on the bank signature card. Both our SS# are listed on the card and also the EIN#. . I filed for divorce in 2015 and somehow he removed my name and all rights to this account without my knowledge or consent. He then proceeded to lock me out of the business.
Was this legal? How was he allowed to remove my name from corporate bank account? Is there any recourse i could take against the bank or him?
Bank will give me no information other than I have been taken off the account
Thank you for any help
A: Recourse against the bank is unlikely. You can sue him, as it was not proper unless the divorce decree said something about this. If this happened in 2015, you may have waited too long for some causes of action.
A: The corporate documents, such as shareholder agreement, bylaws and the bank account agreement will need to be reviewed regarding the rules in connection with the conduct of the officers and shareholders of the business. You should speak with a business attorney for advice.
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