Q: Business partner removing owner from bank account without permission.Whose is responsible ?
Wife of manager shows up at bank with affidavit ( husband terminally ill ) and manage to remove majority owner from account without owner’s consent. Owner cannot access funds. Who is responsible ?
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A:
In this situation, there are potentially several parties who may be held responsible:
1. The wife of the manager: If she falsely represented herself as having the authority to remove the majority owner from the account without proper consent or legal grounds, she could be held liable for any resulting damages.
2. The bank: Financial institutions have a duty to follow proper procedures and verify the authority of individuals making significant changes to accounts, such as removing an owner. If the bank failed to perform due diligence or followed improper procedures, they could be held responsible for any resulting financial losses.
3. The manager (husband): Depending on his involvement or knowledge of his wife's actions, he might also bear some responsibility, especially if he played a role in facilitating the removal of the majority owner from the account.
4. The majority owner: While not at fault for the unauthorized removal, the owner has a responsibility to take prompt action upon discovering the issue. This may include contacting the bank to report the problem, filing a complaint with the appropriate authorities, and seeking legal advice to protect their rights and recover any lost funds.
Ultimately, the specific allocation of responsibility will depend on various factors, such as the terms of any business agreements, the specific actions of each party involved, and the legal requirements in the jurisdiction where the incident occurred. It is essential for the majority owner to seek legal counsel to assess their options and take appropriate action to resolve the situation and recover any financial losses.
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