Anyone know??
2007-03-24 16:52:07 · 2 answers · asked by lucydesi1940 2 in Business & Finance ➔ Credit
If a custodial account is under the minor's SSN, then I would have to say no.
2007-03-24 17:02:44 · answer #1 · answered by It is what it is 3 · 1⤊ 0⤋
Is the judgment against the minor under the age of 18-21 (depending on state legislation)? Or is the judgment against the adult that is managing the account? I'm going to assume that the judgment is against the manager of the account.
When a party owns legal title but not beneficial ownership that is, when they hold an asset only as trustees the asset generally cannot be frozen due to a judgment against the trustees.
However, if the party who has the existing judgment against them is not required by trust or contract to use the funds for the benefit of the child, and the names of the child is not on the account, the account is property owned by the parties. In this case; yes, the account can possibly be frozen if there is a judgment. So it would all depend upon how the account is set up.
Take care.
2007-03-24 17:41:24 · answer #2 · answered by Mary R 5 · 1⤊ 0⤋