interesting case
and a useful piece of info surprisingly
the kids already grown up aged 36,34,30 and 23
All adults !!
i remember when kids turned 18 yrs must go sign
update signatures
and accounts converted from juvenile to adults under their names alone
i doubt if i go to the bank want to withdraw monies from those accounts
the bankers would allow me to withdraw
bank procedures IC thumb print failed
from then on i assumed my monies have become theirs already.
but with this new piece of info, the Court said NO!
the children dont own that money
They only hold and operate their accounts as per ASNB operative procedures..
money still belonged to their father!
interesting ..
real interesting
if it is not yours
forever it is not yours unless.....
the giver willingly give you
and need proof haha
That's why when I saw this article online...
Was really taken aback.... First time I see the court give such judgment.....
The father really went all out to get back his money.... I think because of ASB limits... So he "parked" the money in children account.... Really need paper trail, sources to prove all this... Not very easy....
I think after this....ASNB might update their SOP... Might ask all unit holders to sign or agree upon new T&C...