Background for the question: Over time lent $75,000 to Foster Mother, allowed deferred payment schedule. She insisted on Promissory Note because she was getting up in year and wanted to be sure I got repaid. Promissory Note drawn up signed Bank Gold Medallion Seal. Assets pledged were: 1. Two Dreyfus Accounts; 2. BNY Mellon Account; 3. Pacific Life Annuity; 4. Wells Fargo Brokerage Account; and 5. All estate
assets. I did not know exact value of assets at the time the promissory note was executed.
Foster Mother died in Florida on 9/6/2011, her then state of residence. Her attorney is in Connecticut and estate is being probated in Connecticut.
Filed claim with Estate Attorney January 2012. Was told to be patient as estate work continued. Estate Attorney recently stated that Dreyfus Accounts and BNY Mellon Account are Estate assets and I should go after non-estate assets Wells Fargo Brokerage and/or Pacific Life Annuity.
Contacted Wells Fargo-asset turned out to be a Transfer on Death brokerage account. Wells Fargo legal representative stated laws in the State of Massachusetts only allowed them to disburse to named beneficiaries. The asset is gone.
Contacted Pacific Life and was turned me over to legal department. Per their request, sent them a demand letter and copy of the promissory note. Was then told by their lawyer that “some type of notice” required was not filed, suggested getting a lawyer to get a court order. Asset is still in place with current value approx. $118,000.
Promissory Note states payment is immediately due in full on Foster Mom’s demise.
Estate Attorney first stated that court filing could be amended if necessary. He later stated that since my claim has claims against estate assets and non-estate assets that I should forget about estate assets and go after Wells Fargo.
Estate Executor is confused but wants to do the right thing.
I contend I have a claim against the pledged asset before the Estate. And also contend that I have a claim against the Estate in accordance with Connecticut Estate Law, Sec. 45a-365 Order of payment of claims, expenses and taxes.
Do I have a “first” claim to the asset pledged to cover the promissory note before the assets go to the Estate, Or do I continue trying to get the Estate to include my claim and wait in line with other creditor to the estate. BotXXXXX XXXXXne is what are my rights with regards XXXXX XXXXX legal claim against the assets pledged within the promissory note and What if anything can the Executor be advised to do to help me? Executor also thinks like me and wants to be sure I am paid in full.
Can email a copy of the Promissory Note if needed.