- May 18, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Situation Overview
My grandmother has recently passed away, leaving behind some stock that was valued at $100,000. My father asked me to loan him $100,000 in exchange for the stock once all legal matters such as probate and trust proceedings were resolved. However, it has been 10 years since then, and he has been giving me excuses and delays regarding the transfer of the stock.
## Current Status
Upon checking the probate courts, I found no mention of the stock in the will, even though I know it existed at some point. My father, who is the executor of the trust, has been able to handle other assets but keeps claiming that the transfer of the stock is still “in process”.
## Recent Developments
Initially, my father blamed delays on relatives named in the will who were overseas, but that issue seems to have been resolved. Now, he claims that the bank is investigating loans that my grandmother had against the stock, which may have affected its availability. I am skeptical of this explanation considering the amount of time that has passed.
## Seeking Solution with AI Legalese Decoder
Would the AI Legalese Decoder be able to help me verify the existence of the stock conclusively? Additionally, can it provide guidance on any legal recourse I may have against my father if it is found that he has deceived me regarding the stock transfer?
By utilizing advanced AI technology like the Legalese Decoder, I hope to uncover the truth behind the stock and explore potential legal options to address the situation with my father.
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****** just grabbed a
Nothing takes 10 years… sorry bub. I think your old man duped you. As for legal recourse. It’s been over 10 years and did you have a contract? No contract? No
Your father thanks you for the generous gift of $100,000. If it’s been over ten years you’re outside the statute of limitations, even for written contracts, in all fifty states.
Look. At $100 000 it waaaaay above reddit paygrade.
Call the local bar association and get a recommendation.
After that you can ask yourself if you want to keep the father, because it will get ugly.
If you can afford to let $100,000 to be missing for a decade, then you can afford a lawyer. Look up your local Bar Association for a referral.
Outside of legal advice I’d suggest trying to change the conversation from “give me the stock” to “give me my 100k back (or 100k adjusted).” This probably is a bit of touch but reframing it as “you owe I’m canceling the deal/recalling the loan” from “ sorry this deal is taking so long” can maybe shake him out of it and make him respect the outlay a little more.
EDIT: I know it’s legal advice not personal advice but people can really delude themselves. I did what I described after a couple of years (granted it was 1k) with a friend and he immediately started taking steps to pay me back. He must have had it in his mind that I could float or I was being impatient or something. Not my friend anymore.
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Your father, unfortunately, did not borrow $100k from you in exchange for stock. From what you wrote, your father didn’t even own the stock, but was of the thought that one day, he would inherit the stock…which it appears he did not.
What appears to have happened is: Your father took $100k from you…and you’ll likely never receive a cent of it.
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You won’t see anything returned or given to you. The only thing you need to decide if you’re going to keep is your relationship. You’ll never see a penny back and a lawyer is just going to eat up even more of your funds.
Your father is almost certainly lying to you, I’m afraid. His explanations do not make sense. A court will not allow an executor to drag his feet and keep an estate open absent EXCEPTIONAL circumstances. He is hoping you will forget about it or eventually he may tell you that the stock was owed to someone else, or it declined in value, or some other vague reason why he can’t pay you back. I’m very sorry. You father’s continued misrepresentations deceiving you about this may mean that the statute of limitations for a civil claim have not yet run. Your choices are to see a lawyer and make a claim against your dad if viable or give up on this.
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Not legal advice, but if this were me I’d determine the # of shares and the specific stock you expected to receive back when the deal was made. Then draw up a document stating that you expect that many shares of that particular stock in exchange for the $100K previously provided. You could have a lawyer help you draw up this document. Then ask your father to sign it as a show of good faith.
If he objects to signing it then it kind of shows he doesn’t plan on making good on your deal and you can move forward on that assumption. And if he does sign it then you have a recent agreement that you can legally stand on to hold him accountable.
Your dad is scamming you. Take him to court.
It’s time to settle the score. Invite him to a joint meeting with an attorney. You need disclosures to begin with. Bottom line: you need to know if he screwed you. That can’t wait any longer. What happens next.. isn’t a business matter. It’s a family matter.
100,000 and you didn’t get it in writing? Off the strength? 😂
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Don’t forget to reach out to your dad’s friends at the IRS. They may have some questions about $100000 in unreported income….from 10 years ago…
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no offense OP but this canNOT be real.
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