Banking Questions & Answers by State

Banking Questions & Answers

Q: Am i obligated to pay money back without a written contract?

1 Answer | Asked in Banking and Contracts for Michigan on
Answered on Mar 26, 2017

Yes, you are obligated if in fact you agreed to repay. Assuming that the contract was performable within a yesr, the oral contract obligation to pay back the loan is enforceable under Michigan law because it is not in the category of contracts that must be in writing to be enforcable.
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Q: Please Help Me. I was added to a deed before my dad passed away. The Real Estate Lawyer Was Paid, But never recorded it.

1 Answer | Asked in Banking and Real Estate Law for Pennsylvania on
Answered on Mar 20, 2017

Your question is not clear, but I will do my best with the facts as I understand them.

First, I gather that the property was in the names of your father and mother. At one point, your father, without your mother, tried to add your name to the deed. That deed was lost and never recorded. However, since your mother did not join in that deed, it would have been a nullity. If I misunderstood, and your mother did join in the deed, since the deed was lost, you can just forget about it...
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Q: My neighbor of 65 year,now 92,has no family and wants to leave everything to me and my 2 brothers (can she?.she

2 Answers | Asked in Banking and Estate Planning for New York on
Answered on Mar 17, 2017

It depends on the bank. A lawyer and bank might do a home visit to confirm the power is really desired. Work with a lawyer to set everything up.
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Q: we both are on the deed but only my critically ill husband is on the mtg loan.

1 Answer | Asked in Real Estate Law, Banking and Estate Planning for Pennsylvania on
Answered on Mar 16, 2017

If you and your husband are both on the deed and own the property as tenants by the entireties, which, unless otherwise stated, is the way that you would own the property if you acquired it while you were married, the property would automatically pass to you upon his death. If that is the way you own the home, you and your husband must both be on the Mortgage, since, for a Mortgage to be valid, all owners of the property must sign it. It is possible, although it would be surprising, that only...
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Q: Seller refuses to release earnest money deposit. Wants to split the 5k. I think is unfair. I offered 1k but wants half.

2 Answers | Asked in Banking, Contracts, Real Estate Law and Arbitration / Mediation Law for Florida on
Answered on Mar 16, 2017

I suggest that you speak with a real estate attorney in your area. The real estate contract should govern the result here. However this type of situation will turn upon small details of dates and times. You need a lawyer who can read the signed contract and related emails and then Give you an opinion.
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Q: What are the retirement plan options for single member LLCs taxed as S corp?

1 Answer | Asked in Banking and Business Law for Florida on
Answered on Mar 11, 2017

This question is best addressed by an investment advisor - not an attorney.

Speak to a Certified Public Accountant or an investment advisor associated with an investment company (Morgan Stanley, JP Morgan, etc).
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Q: Can bank sell my mortgage for a discount without my knowledge the report deficiency on credit?

1 Answer | Asked in Banking, Contracts, Consumer Law and Foreclosure for Florida on
Answered on Mar 5, 2017

Your story is not quite clear. You found a buyer, the VP of the bank came to the closing and signed some sort of a release, but you also write that you "never agreed or even knew about this sale." Is that a different sale than the one you arranged?
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Q: I am the predisent of a nonprofit. Do I have an obigation to provide personal banking information at the treasure?

1 Answer | Asked in Banking and Business Law for Colorado on
Answered on Mar 4, 2017

If you are seeking non-profit status from the IRS, a significant factor in the consideration is compensation. If you received a salary or percentage of the profits (e.g. a partnership) your total compensation and banking information are highly relevant. This is less for the non-profit itself, but for the IRS approval. If you do not receive any compensation from the non-profit, your bank accounts are not normally relevant.

You may want to consider hiring a lawyer. The work is tax...
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Q: Is it required that officers and/or Directors of California banking institutions reside in California?

1 Answer | Asked in Banking and Business Formation for California on
Answered on Mar 3, 2017

I see no legal basis for that. This answer does not constitute legal advice; make any predictions, guarantees, or warranties; or create any Attorney-Client relationship.
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Q: If you don't have any property ,no car,house isn't on wellfare but have only a bank that you don't withdrawal money

1 Answer | Asked in Banking and Tax Law for Arkansas on
Answered on Mar 2, 2017

If your only income for the year is $1,000 of interest, then you would not have an income tax filing requirement. The answer is different if someone else is claiming you as a dependent and the interest was over $1,050, then you would have a filing requirement.
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Q: I want to get a ledger of my wife banks accounts, I have a power of attorney for finance but the banks refuses to give ?

1 Answer | Asked in Banking and Divorce for Arizona on
Answered on Mar 2, 2017

There is likely something wrong or insufficient with the document you are presenting. Is it a springing power of attorney. Has the POA been revoked? I would suggest you speak with an attorney in your area who will be able to assist you.
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Q: Bank account beneficiary's right to deceased bank statement.

1 Answer | Asked in Consumer Law and Banking for New York on
Answered on Mar 1, 2017

Technically no. Your status as beneficiary gets you the proceeds, not the records. For that, you need letters from the Surrogate.
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Q: My boyfriend and I bought a house together, he put up the finances. Can he force me out? He left the state - ref to pay.

2 Answers | Asked in Banking and Real Estate Law for Florida on
Answered on Feb 28, 2017

You are in a very difficult place. You do own your part of the house. However, you apparently signed a mortgage which means that a bank has a lien against the home which is superior to your ownership if you do not pay the mortgage.

You do have the right to partition the property to have a court divide the property or sell the property so that you can get your share of the value. However, if the mortgage is not paid, the bank can sue both of you for the unpaid mortgage and can take...
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Q: Business partner has raised $$$$ for our biz. But spent it on personal, without putting into company account. Need help!

3 Answers | Asked in Banking, Business Formation, Business Law and Criminal Law for California on
Answered on Feb 22, 2017

There are a few facts missing. How is your partnership structured? Are you also liable for the loan?

Assuming you were partners and you are also liable for the loan you would have a cause of action for conversion, fraud, breach and possibly breach of fiduciary duty.
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Q: What is a low cost way to set up a private escrow account for NYS property taxes? Or is there a better solution?

1 Answer | Asked in Real Estate Law and Banking for New York on
Answered on Feb 21, 2017

Create a formal escrow agreement and appoint an independent escrow agent is really the best solution given these circumstances in my opinion. Perhaps you can contact a trust company to see if they can assist as well, most attorneys are able to do this, but they will charge a fee.
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Q: In California are banks required to provide restrooms for the use of the public? Please site the applicable code.

1 Answer | Asked in Banking and Consumer Law for California on
Answered on Feb 18, 2017

See: http://smallbusiness.chron.com/rules-regulations-business-public-restrooms-68740.html

More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website. I practice law in CA, NY, MA, and DC in the following areas of law: Business & Contracts, Criminal Defense, Divorce &...
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Q: Is it a law that you have to probate a Power of Attorney in the state of Georgia?

1 Answer | Asked in Banking and Probate for Georgia on
Answered on Feb 17, 2017

No. Wills get probated. Powers of Attorney don't get probated. POAs (even durable ones) terminate upon the death of the principal (the person who gave the power). Hope this helps.
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Q: Can "CFNA" ("Credit First") credit card company demand payment solely via bank-to-CreditFirst (internal) ROUTING?

1 Answer | Asked in Banking, Business Law and Consumer Law for California on
Answered on Feb 16, 2017

What are the terms to which you agreed when applying for and/or accepting this credit card? More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website. I practice law in CA, NY, MA, and DC in the following areas of law: Business & Contracts, Criminal Defense, Divorce & Child...
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Q: Law suits against Wels Fargo

1 Answer | Asked in Banking, Consumer Law and Foreclosure for California on
Answered on Feb 15, 2017

See: http://www.courts.ca.gov/9618.htm

More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website. I practice law in CA, NY, MA, and DC in the following areas of law: Business & Contracts, Criminal Defense, Divorce & Child Custody, and Education Law. This answer does not...
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Q: Can the bank keep money used to cover a check from another account even if the check never went through?

1 Answer | Asked in Banking, Business Law and Consumer Law for California on
Answered on Feb 12, 2017

Have a lawyer review the transaction carefully. Your details are a bit vague. Your banking terms and conditions should clarify your questions. Similarly your agreement with the utility company should also be reviewed. More details are necessary to provide a professional analysis of your issue. The best first step is an Initial Consultation with an Attorney. You can read more about me, my credentials, awards, honors, testimonials, and media appearances/ publications on my law practice website. I...
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