Colorado Banking Questions & Answers

Q: Want to buy land/develop with friends. Can one of us get mortgage and others be considered owners with contract?

1 Answer | Asked in Banking, Business Formation, Contracts and Real Estate Law for Colorado on
Answered on Dec 17, 2017
Timothy Canty's answer
It's theoretically possible, but there are some complications. Most deeds of trust have a "due on sale" clause. This means that if you transfer an interest in the land to your partners, the lender can call the loan. You should disclose all material facts to the lender and get written assurances that the transfer will not trigger this clause. You might try forming a corporation or an LLC to buy the land and dividing the interests any way you want. This should also be discussed with the lender in...

Q: Sep. from spouse (not legally). Approved on own to buy R.E. but mortgage co req him to be there at signing and on title?

1 Answer | Asked in Banking, Contracts, Divorce and Real Estate Law for Colorado on
Answered on Oct 9, 2017
John Hyland Barrett III's answer
If your mother truly qualified for the mortgage on her own, there should be no need for her husband to be on the deed or at closing.She should get an explanation from the mortgage company. In Colorado, a married woman may hold title in her sole name, without her husband.

Q: My aunt died back in January and left me a substantial amount of money in her estate. How do I get the money?

1 Answer | Asked in Banking, Contracts and Estate Planning for Colorado on
Answered on Sep 14, 2017
Samuel Ventola's answer
It all depends on the language of your aunt's will. You should probably have an attorney review it and if you have rights to write a letter for you or submit a claim if necessary.

Q: Is it illegal to wire money to someone if you think, but don't know that it is coming from an illegal source?

1 Answer | Asked in Banking for Colorado on
Answered on Aug 31, 2017
Tristan Kenyon Schultz's answer
This type of transaction is a classic deposit scam technique. See below.

Payment processing: A variation on the deposit scam is the payment processing scam. You’ll think you got a work-from-home job depositing payments or mystery shopping, and your job is to accept money and forward the payments. In some cases, you’re actually helping criminals launder money while you get ripped off. (source: https://www.thebalance.com/money-order-scams-315055)

As for the criminality, you...

Q: Is it legal in Colorado for a bank to require a divorce decree to approve a loan when divorce isn't even intended?

1 Answer | Asked in Banking and Consumer Law for Colorado on
Answered on Jun 30, 2017
Tristan Kenyon Schultz's answer
Divorces can significantly impact the income, expenses, and ownership of marital property. Since you are still married, both parties' property is potentially still part of the marital estate and subject to division. Overlap the differences in state law (e.g. CA is a community property state) and I can understand why the bank is nervous. A bank can legally request additional assurances, whether these assurances are reasonable or in both of the party's interests is a wholly different matter......

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
Tristan Kenyon Schultz's answer
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...

Q: I was fired due to what I feel is retaliation.what are my rights?

1 Answer | Asked in Employment Law, Banking and Domestic Violence for Colorado on
Answered on Jan 12, 2017
Tristan Kenyon Schultz's answer
You should contact an employment or discrimination lawyer (most offer a free consultation). Colorado generally protects the victims of crime from being discriminated against by employers, lenders, etc. However, this type of case is largely based on the strength of the evidence available (since most cases turn on oral statements), so you will need to have a lawyer review your situation to provide an assessment and your chances of success. You can file a complaint, but this will not likely result...

Q: How do I gain access to my husband's checking accounts if he died without a will?

1 Answer | Asked in Banking for Colorado on
Answered on Nov 1, 2016
Tristan Kenyon Schultz's answer
There are two possible answers:

1. Assuming your husband is deceased:

Contact the bank to see what they require. Under some situations, the bank may allow access to a surviving spouse. If this does not work, most banks require a death certificate and/or a document listing the closing of an estate in probate. Some banks require a full court order (rare).

2. Assuming your husband is still alive:

Have you husband make you either a co-signer on the account(s) or...

Q: Hi, We want to nominate a person who will deal with all the banking needs on behalf of our corporation, how?

1 Answer | Asked in Banking and Business Formation for Colorado on
Answered on Aug 20, 2016
Tristan Kenyon Schultz's answer
Your idea can work. There are other more formal ways to achieve this too, but this will take time and money. Check with the bank, to see what they would like to see for "authorization".

Q: I had appraisal done on my house Went to a bank for a loan. They will not accept the appraisal, 1 dedicated company.

1 Answer | Asked in Banking and Real Estate Law for Colorado on
Answered on Jul 14, 2016
Tristan Kenyon Schultz's answer
The lender can choose to restrict who does the assessment. Of course, you can also choose to go to another bank...

Q: Can I sue the bank for letting my mom access my trust to spend it all?

1 Answer | Asked in Estate Planning and Banking for Colorado on
Answered on Jan 23, 2016
Tristan Kenyon Schultz's answer
It depends, if your mother was named on the account (which is very likely) then no the bank cannot be sued. However, if your mother is not on the account or your trustee then the bank should not has distributed the money as suit is possible. If your mother committed fraud, then it depends on whether the bank complied with acceptable banking standards (the rules are strict, but tend to protect banks unless a teller does something really stupid). The person that you can sue (and win easily) is...

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