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Home >> Special Situations >> Deceased Individuals
$125K check Stolen from Estate
My husband is the executor of an estate of a friend who passed away a few years ago. It took until February, 2008, for it to go through probate. Meanwhile, everything was frozen and on hold, including a check for $125K. The residence had been ransacked and the check was apparently found and taken. The bank said we would have to get it insured in order to put in back into the estate account. It costs $23 per 1K for a surety bond. Is this the only way to get this done? The liquid assets are frozen and we have already forked out over $3k in storage fees and bills.
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 The bank can assist your husband without the need for an indemnity bond. Because the check is over ninety days old, your husband, as executor of the estate, should be able to complete an affidavit stating that the check was in the estate's possession, subsequently stolen, and he doesn't know where it is. He should also provide a written claim under section 3-312 of the Uniform Commercial Code (Section 4-406 in the State of New York), asking that the estate be paid the amount of the check. The bank will have the right to refuse payment on the original check, based on the section 3-312 payment of the estate's claim.
Published on BankingQuestions.com 4/16/10
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