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N Cal Atty
N Cal Atty, Lawyer
Category: Legal
Satisfied Customers: 9415
Experience:  attorney at self
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I found old Certificates of deposit in safe deposit box.

Customer Question

I found old Certificates of deposit in safe deposit box. Bank says they have no records. State records show no abandon property. Is bank required to pay CD's ?
JA: What state are you in? It matters because laws vary by location.
Customer: California
JA: Has anything been filed or reported?
Customer: Yes, I have asked bank to show disposition of funds or pay CD's
JA: Anything else you want the lawyer to know before I connect you?
Customer: that's all
Submitted: 5 months ago.
Category: Legal
Customer: replied 5 months ago.
What proportion of law suits against banks for my type abandoned CD cases are winners?
Expert:  N Cal Atty replied 5 months ago.

Thank you for your question.

How old are the CDs?

Whose name is ***** ***** CDs?

Customer: replied 5 months ago.
CD's were my deceased mother's. CD's dated 27 June 1995
Expert:  N Cal Atty replied 5 months ago.

Was there an executor or administrator appointed for her Estate?

Were you the only heir?

Customer: replied 5 months ago.
OK, continue via Email
Expert:  N Cal Atty replied 5 months ago.

Was there an executor or administrator appointed for her Estate?

Were you the only heir?

Customer: replied 5 months ago.
I was the executor and am the only heir
Expert:  N Cal Atty replied 5 months ago.

That is convenient. You can sue the bank on the CDs. Most CDs have a provision that they will roll over into a new CD if the account holder does not give contrary instructions, so I do not see a problem with the statute of limitations. If those CDs did not include that provision then the bank was supposed to give the proceeds to the State Controller, see https://ucpi.sco.ca.gov/UCP/ if it was unable to find the depositor.

You can get a free consultation from some of the banking law attorneys listed by location here.

Please follow up on this with a local attorney.

I hope this information is helpful.

Customer: replied 5 months ago.
What is the potential to win the law suit? What proportion of this kind of suits are sucessful
Expert:  N Cal Atty replied 5 months ago.

I have no way of knowing that, which is why I think you should consult a specialist in banking law.

If the bank cannot prove the funds were ever paid out, I don't see that it has a defense.