My son was awarded a settlement for a dog bite when he was three years old. The courts ordered that the funds should be deposited into an interest-bearing account, and my wife as his natural guardian would assure that this was done. This was done, and now my son is eighteen and trying to withdraw these funds and go to college. Our bank refuses to release them, stating that they are not to be withdrawn without the consent of the supreme court. Nowhere in the settlement does it state this, yet the bank has this listed on the cover of the passbook, and nowhere does it state that he must be eighteen.
We live in New York and need to know if our bank has the right to deny our son these funds as he is now eighteen. Can they require the courts to provide more documentation? The court order specifically states that the funds be put into an interest-bearing account by my wife for my son and nothing about what age these funds can be released. Please let me know if this is legal?
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If the funds were deposited pursuant to a court order under a provision of state law that required that the account be established, it may be that the law itself includes a requirement that a release has to be obtained from the court. Verify the name of the court that originally ordered that the account be set up. It would be ideal to have a copy of that order. Then contact the court and talk to the clerk's office to determine how to proceed. Hopefully, you won't need to use legal counsel to get your answer.
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If the funds were deposited pursuant to a court order under a provision of state law that required that the account be established, it may be that the law itself includes a requirement that a release has to be obtained from the court. Verify the name of the court that originally ordered that the account be set up. It would be ideal to have a copy of that order. Then contact the court and talk to the clerk's office to determine how to proceed. Hopefully, you won't need to use legal counsel to get your answer.
