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  1. #16
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    Quote Originally Posted by LdiJ View Post
    I agree that its common with credit unions that they have the right to offset other accounts for any loans given by the credit union.

    However, nothing in this thread actually indicated that any kind of contract was signed for such. AJ just assumed it in his responses. He is probably right, but its still an assumption.
    The "contract" is the account-holder agreement.


  2. #17
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    Quote Originally Posted by Zigner View Post
    The "contract" is the account-holder agreement.
    Yes, for lots of credit unions that is common. It might even be true for all credit unions. It is not true for all banks. It is probably true in this instance. AJ could have explained how it commonly works for credit unions. Instead he just stated that such a contract existed. It probably does but we do not know for sure and the OP certainly did not say so.


  3. #18
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    Whether or not the missing contents of CU agreement trump basic common law merger of ownership upon death of one jtwros owner is beyond my crystal ball.


  4. #19
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    Thank you for the responses thus far.
    As a girlfriend, I am aware that I have no personal legal interest in the matter.
    I just was hopeing to hear that my BF had some rights to recoup funeral expenses (which exceed the acct balances).
    It sounds like that is not the case...


  5. #20
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    He should ask the credit union to justify their actions. Credit unions often have broad rights of offset (where they can take from one account a person holds to pay the debt of a different account that person holds). That doesnít mean itís a certainty in this situation although quite possible. If they have no such rights expressed within their shareholders agreement, they wouldnít have a right to seize the funds under the law.


  6. #21
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    The language for the right to offset is probably listed in the documents for the loan.

    If you know how much money was in the accounts, subtract from that the amount that was owed on the loan, and if there is excess left over, then if it is worth fighting for, hire an attorney to go after what was left, which most likely the greedy credit union is not entitled to keep.


  7. #22
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    Quote Originally Posted by Dandy Don View Post
    The language for the right to offset is probably listed in the documents for the loan.

    If you know how much money was in the accounts, subtract from that the amount that was owed on the loan, and if there is excess left over, then if it is worth fighting for, hire an attorney to go after what was left, which most likely the greedy credit union is not entitled to keep.
    The greedy credit union? The decendent owed money to the greedy credit union. Why is it wrong they get what they are owed?

    Itís nothing personal. Itís just business.


  8. #23
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    IF somebody actually knows the factual sequence ...the answer might be easier ?

    WHen does ownership vest with survivor ?

    WHen does CUs right of set off arise ?
    .
    WHich came first ?


  9. #24
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    Quote Originally Posted by HRZ View Post
    IF somebody actually knows the factual sequence ...the answer might be easier ?

    WHen does ownership vest with survivor ?

    WHen does CUs right of set off arise ?
    .
    WHich came first ?
    The laws have been provided

    The asset devolves at the time of death

    The credit unionís right of offset would be based on the terms the account holder agreed to so basically, their rights are in existence at the time of establishing the account.

    All of this will be based on whether the CU has either;

    A right of offset that supercedes the law
    Or
    A probable claim of clear and convincing evidence the money was intended to be used to pay the loan.


    Both of those will be based on the claims of the credit union so op needs to speak with the credit union.


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