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  #1  
Old 11-05-2008, 11:28 PM
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banks right to offset vs. texas constitutional right to protection of proceeds of hom


What is the name of your state (only U.S. law)? Texas

My bank took the proceeds from the proceeds of the sale of my homestead in Texas in a right to offset my husband's overdue business credit cards. These proceeds are supposed to be constitutionally protected from creditors for six months. Does the bank have the right to seize these funds? And if the bank's right to seize these funds supercedes the Texas state constitution, can they take my half of the proceeds, since this debt is not in my name?
Thanks for any help with this.

Sabbles1What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?
  #2  
Old 11-06-2008, 01:07 AM
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Quote:
Originally Posted by sabbles1 View Post
What is the name of your state (only U.S. law)? Texas

My bank took the proceeds from the proceeds of the sale of my homestead in Texas in a right to offset my husband's overdue business credit cards. These proceeds are supposed to be constitutionally protected from creditors for six months. Does the bank have the right to seize these funds? And if the bank's right to seize these funds supercedes the Texas state constitution, can they take my half of the proceeds, since this debt is not in my name?
Thanks for any help with this.

Sabbles1What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?


Sabbles, A couple of questions if you don't mind.

1 - What did the bank tell you when you informed them that the funds in this account were from the proceeds of the sale of your homestead?

2 - Are you able to prove the funds taken were funds from the sale of the homestead or were they co-mingled with other monies?

3 - Is your husband's name on that account as well?
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  #3  
Old 11-06-2008, 09:12 PM
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Join Date: Mar 2008
Location: Texas
Posts: 654
Was the sale of your home voluntary, or a foreclosure?

Did you purchase a new home within the six month period?
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