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The economy finally hits me; Foaming rant
Topic Started: Sep 11 2009, 06:47 PM (920 Views)
Jack Frost
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Bull-Carp
jon-nyc
Sep 12 2009, 02:14 AM
I was thinking along the lines of Larry - I wish one of our attorneys would chime in. I think I'll ping Jack.
**PING**

FR, no magic advice I am afraid. Escrow rules depend on state law and the context. I have no idea whether your funds were kept in a distinct account but somehow I doubt it.

If they are in bankruptcy there is one simple thing you can do to ensure you are "in line" when claims are handled and that is file a one-page form called a "proof of claim."

http://www.uscourts.gov/rules/Revised_Rules_and_Forms/BK_Form_B10.pdf

I don't do this kind of work so I can't help you with the filing procedure. Many bk courts are now fully electronic, but that may not apply to individual creditors such as yourself. I do know that filing this form does not hurt and in some cases I am aware of the money turns up--or some of it--eventually.

Hope you make out ok on this.

jf
Quote:
 
Let it be said by our children's children that when we were tested we refused to let this journey end, that we did not turn back nor did we falter; and with eyes fixed on the horizon and God's grace upon us, we carried forth that great gift of freedom and delivered it safely to future generations.
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Free Rider
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Fulla-Carp
Thanks you guys. I had a good night's rest and I'm not foaming at the mouth anymore.

I know that my escrow $$ was not supposed to be withheld. I know that the $$ was supposed to be in a separate account, and that by all rights it wasn't an "asset" of TB&W. I know that what happened is probably illegal for TB&W to do.

It is unfair and illegal what is happening. I am not surprised that TB&W broke the law with my money, think about all the laws that were broken by financial institutions that created a credit crisis in the first place.

But thanks for everyone's support. If I ever get reimbursed for this I'll let you guys know.

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apple
one of the angels
i would raise such a ruckus.. enlist your local paper.. seek those who also were treated this way.. send copies of all correspondence to the attorney general..


i know the following is probably not good for your blood pressure but some guy is probably out there golfing in the Carribean on your money......nd i would find that guy and camp on his doorstep with a homeless sign and use his lawn for a toilet.
it behooves me to behold
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QuirtEvans
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I Owe It All To John D'Oh
Frank_W
Sep 11 2009, 07:05 PM
P.S. It would be good to get Quirt's input on this. Something really stinks, here.
The guy you need on this is Jack Frost. He knows this stuff far better than I do.

I can tell you that, if a LAWYER holds your money, he has to hold it in a separate account, and not commingle it with his own funds, so that it's still YOUR money, and it's separately identifiable if he goes broke.

But I never hold client funds, so that doesn't impact me.

I would have thought that financial institutions were subject to the same rules, but Jack Frost is the one who would know.

Edit: I see Jack has given input.
Edited by QuirtEvans, Sep 12 2009, 06:52 AM.
It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010.
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QuirtEvans
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I Owe It All To John D'Oh
Free Rider
Sep 12 2009, 06:13 AM
Thanks you guys. I had a good night's rest and I'm not foaming at the mouth anymore.

I know that my escrow $$ was not supposed to be withheld. I know that the $$ was supposed to be in a separate account, and that by all rights it wasn't an "asset" of TB&W. I know that what happened is probably illegal for TB&W to do.

It is unfair and illegal what is happening. I am not surprised that TB&W broke the law with my money, think about all the laws that were broken by financial institutions that created a credit crisis in the first place.

But thanks for everyone's support. If I ever get reimbursed for this I'll let you guys know.

If they were supposed to keep it in a separate escrow account, and didn't, there may be criminal liability for conversion of funds or theft or something like that. Contact the appropriate police department.
It would be unwise to underestimate what large groups of ill-informed people acting together can achieve. -- John D'Oh, January 14, 2010.
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Jeff
Senior Carp
Jack Frost
Sep 12 2009, 05:35 AM
Escrow rules depend on state law and the context. I have no idea whether your funds were kept in a distinct account but somehow I doubt it.
Is there a confirm on this?

I would have thought there legally had to be a separate account, otherwise the word "escrow" doesn't really apply, in all states.

If I just give someone money in their name, it is not an "escrow". Am I wrong on this?

FR - please keep us updated.
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brenda
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..............
FR, this just stinks. What a raw deal to even have to put up with the hassle of it all.

You've gotten some good advice here already. Glad you brought the issue here. Your rant is justified.
“Weeds are flowers, too, once you get to know them.”
~A.A. Milne
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Free Rider
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Fulla-Carp
They paid us back.

We got advice from a friend who is a bad-ass Harvard retired lawyer and she worte a letter that we copied and pasted with our names, etc. This happened last year. The result was still nothing. But Thursday we got a letter with a check. The letter said something about us recently refinancing our home and here is the escrow money, etc.

Recently?

:lol2:

PS I have not brought the check to the bank. It still might bounce.
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jon-nyc
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Cheers
I'm very glad to hear that, FR. Here's hoping the check doesn't bounce. :cheers:
In my defense, I was left unsupervised.
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kenny
HOLY CARP!!!
Wow, run to the bank.
Yours may be the last check to clear before they start bouncing.

If feasible run to a local branch of THEIR bank.
That will save you the days it will take for the check to travel from your bank to theirs; during those days the funds may run out.
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Luke's Dad
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Emperor Pengin
What a pain to have had to go through. Here's hoping it's all resolved!
The problem with having an open mind is that people keep trying to put things in it.
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CHAS
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Middle Aged Carp
FR,
Glad you had a place to rant.
Hope the check clears. If there is a local branch of their bank demand green cash.

The execs of that company should be put in stocks on the town square.
"You want to be Nice, or you want to be Effective? Make the law or be subject to it?"-Roy Cohn
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Piano*Dad
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Bull-Carp
There is still the basic question of how a financial institution's chapter 11 filing could impact an escrow account.

Glad it worked out.
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Dewey
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HOLY CARP!!!
Hoping it works out, FR.
"By nature, i prefer brevity." - John Calvin, Institutes of the Christian Religion, p. 685.

"Never waste your time trying to explain yourself to people who are committed to misunderstanding you." - Anonymous

"Oh sure, every once in a while a turd floated by, but other than that it was just fine." - Joe A., 2011

I'll answer your other comments later, but my primary priority for the rest of the evening is to get drunk." - Klaus, 12/31/14
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apple
one of the angels
that's great
it behooves me to behold
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taiwan_girl
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Fulla-Carp
Good to hear that you are getting your money back. I am sure it was a frustrating little time for you.
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Big John
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Senior Carp
Sorry to hear about your misfortune. I hope everything gets resolved.

Incredible rant though.





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jon-nyc
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Cheers
It was a first-class rant. :hat:
In my defense, I was left unsupervised.
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John Galt
Fulla-Carp
What else would we expect? FR is a classy kinda guy.
Let us begin anew, remembering on both sides that civility is not a sign of weakness.
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Free Rider
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Fulla-Carp
Thanks you guys for being cool. I re-read my foaming rant and I remember that JonNYC had a hilarious comedy clip where some guy uses the F-Bomb almost contiuously throughout his routine....one where he is joking about how broke he is. That's why I swore so much. Plus I was fvckin' pissed. :lol2:

I really had written off the money. I hadn't forgotten about it, it was just very very unlikely we would ever see it again. I guess I shouldn't celebrate quite yet untill the check clears, but I'm hoping the funds are there.



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jon-nyc
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Cheers
I'm sure the check will clear at this point. You have to assume the trustee knows what funds are available.
In my defense, I was left unsupervised.
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jon-nyc
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Cheers
Free Rider
Apr 25 2010, 09:32 AM
... and I remember that JonNYC had a hilarious comedy clip where some guy uses the F-Bomb almost contiuously throughout his routine....one where he is joking about how broke he is. ...



Remembering how funny that was, I found it again:

http://www.youtube.com/watch?v=rpaCQKJpE9k&e

In my defense, I was left unsupervised.
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