Can I take legal action if bonds in my name were cashed by the co-owner while I was under 18?

UPDATED: Aug 4, 2011

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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


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 11 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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