Illinois:
Can this issue be moved forward at this late date? When does out time run out? What options are available?
BAKCGROUND: In March, 2005, my sister and her husband filled out papers for an equal equity line of credit on our family farm. According to our accounting manager, the property was not released from trust into my sister's name and her husband was never a beneficiary of the land trust, but the bank approved to the line of credit anyway.
On Mother's Day, 2005, my sister's husband announced that he was seeking a divorce. One month later he withdrew $150,000 from the equal equity line of credit and deposited it into the bank account of a friend of his without the knowledge of my sister. He used this money to finance a restaurant in his name only and the restaurant went out of business in January, 2006.
When confronted, the husband agreed to "pay the money back" but has only paid interest for the entire period. The $150,000 remains unpaid. The man has now instructed the bank to send statements to our farm where he no longer lives, but the accountant reports that, to date,the husband continues paying the interest.
FEARS: The accountant suggests that we do nothing on the legal front to effect the return of the money or the payment of interest. He fears that any legal action against the husband for theft (or whatever) would result in my sister (who signed the application along with her husband before his announcement of divorce) serving jail time for applying for a line of credit on property she did not own but in which she had only a beneficiary interest.
The divorce is still in limbo and my sister's attorney does not want to introduce this issue into the proceedings. But the land trust includes 2 elderly individuals, 84 years old and 100 years old. Doesn't this constitute a Class I felony (theft of $150,000 from the elderly)? Can't just the ONE person who took the money for his own benefit be prosecuted? If criminal charges cannot be brought without involving the wife, can civil charges be brought against just the husband? What time limits are imposed on each alternative?What is the name of your state?
Can this issue be moved forward at this late date? When does out time run out? What options are available?
BAKCGROUND: In March, 2005, my sister and her husband filled out papers for an equal equity line of credit on our family farm. According to our accounting manager, the property was not released from trust into my sister's name and her husband was never a beneficiary of the land trust, but the bank approved to the line of credit anyway.
On Mother's Day, 2005, my sister's husband announced that he was seeking a divorce. One month later he withdrew $150,000 from the equal equity line of credit and deposited it into the bank account of a friend of his without the knowledge of my sister. He used this money to finance a restaurant in his name only and the restaurant went out of business in January, 2006.
When confronted, the husband agreed to "pay the money back" but has only paid interest for the entire period. The $150,000 remains unpaid. The man has now instructed the bank to send statements to our farm where he no longer lives, but the accountant reports that, to date,the husband continues paying the interest.
FEARS: The accountant suggests that we do nothing on the legal front to effect the return of the money or the payment of interest. He fears that any legal action against the husband for theft (or whatever) would result in my sister (who signed the application along with her husband before his announcement of divorce) serving jail time for applying for a line of credit on property she did not own but in which she had only a beneficiary interest.
The divorce is still in limbo and my sister's attorney does not want to introduce this issue into the proceedings. But the land trust includes 2 elderly individuals, 84 years old and 100 years old. Doesn't this constitute a Class I felony (theft of $150,000 from the elderly)? Can't just the ONE person who took the money for his own benefit be prosecuted? If criminal charges cannot be brought without involving the wife, can civil charges be brought against just the husband? What time limits are imposed on each alternative?What is the name of your state?