Can I take legal action if bonds in my name were cashed by the co-owner while I was under 18?
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Can I take legal action if bonds in my name were cashed by the co-owner while I was under 18?
Well over $2000 in bonds were “lost” by mother, or so she claimed in court. I went back to court with my dad and when asked for the purchaser’s SSN to fill out forms to find lost bonds she claimed they found the bonds around Easter and cashed them. She claimed they got $800, however from 1993 to around 2006 I received 3 $50-100 bonds a year, as did my brother.
Asked on August 4, 2011 Connecticut
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you had bonds (presumably savings bonds) in your name as a minor that were cashed out by your mother where the funds did not go for your benefit, you have a claim against whomever took the bonds and cashed them out for reimbursment of the principal amount plus accrued interest.
The problem with the facts of surrounding your question is that a parent has the obligation to raise and support his or her child up to 18 years of age. Not that I am defending your mother, but what if things were financially difficult for her to the point that she needed to cash your savings bonds (assuming she did) to buy food, pay rent/mortgage, electricity and clothes for your comfort and care?
Yes, you can take legal action if bonds were in your name were cashed by the co-owner mother when you were under 18 years of age. As a minor, you wuld not have had the legal ability to negotiate the bonds for cash payment.
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