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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Legal
Satisfied Customers: 111548
Experience:  JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law
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My sister purchased an annuity from AXA and invested

Customer Question

My sister purchased an annuity from AXA and invested $25,000. It WAS purchased from a broker recommended by her accountant (who is no longer around). Since 2006, no one from either AXA or her broker has ever communicated with her regarding her withdrawal
benefits or investment choices. In June 2014, she requested a withdrawal and her request was denied. AXA said that the did not have the paperwork to support the termination of the DBP and have been totally uncooperative as has been the broker. We need some
advice on breaking this log jam. I understand, but have no experience, with a "kind of small claims count" for investors. Can you explain it . The broker has "pockets" as does the firm he works for. And then there is Axa. thank you
Submitted: 1 year ago.
Category: Legal
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
What is the specific reason they are denying the withdrawal? Is it because the terms of the annuity prohibit withdrawal? What documents are they saying you need, because suing without following all of their requirements to obtain the withdrawal will not work, you need to follow what they require first and then if they refuse the withdrawal you could sue.
Small claims court is not an option unless the money in question is less than $5000.
Customer: replied 1 year ago.
The original investment was place in a DBP, which was later dissolved because the owner no longer was generating sufficient annual income, to justify the annual expense of the DNP. So, if you cannot locate this documents, what will they accept as alternative documentation? That question has never answered. Thank you
.
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your reply.
It would require either an affidavit from the owner who dissolved it or it would actually require a lawsuit in court to essentially "quiet title" or declare ownership of the account to get the money out. This is outside of the jurisdiction of small claims court though and it would require a local attorney to actually file suit to determine ownership of the account and to get the funds released if they will not take a notarized affidavit from the owner of the dissolved account. If the broker will not cooperate in that, then you have to sue the broker and the investment company to get the court to order the release.