Husband and wife open a joint bank account at a Florida bank, and on the signature card, they pencil in the words “tenants by entireties” to express their intent that the account be an exempt entireties account. Subsequently, the deposit in the account money from another joint bank account and a joint income tax refund. These facts support clearly the conclusion that all money in the account is owned tenants by entireties, and assuming no fraudulent transfers, the money is protected from the individual creditors of either spouse. It would seem very difficult for a creditor or a bankruptcy trustee to defeat the entireties exemption- not exactly.

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Tenants By Entireties Account Destroyed By Couple’s Treatment Of Funds

Whatever you may think about the fact that Refco’s outside corporate counsel was convicted by a jury on 5 criminal counts, one has to wonder how the system got so turned upside down on the civil side that while the law firm’s lead lawyer is torched in criminal court, his firm is summarilyi dismissed from a civil case for precisely the same conduct on a simple motion to dismiss (based on a theory that the Refco trustee lacked standing to bring suit to recover for damages arising from a fraudulent scheme devised and carried out by Refco’s own senior management ).

A joint statement from the Federal Trade Commission and the Federal Reserve Board released in late December announced new rules for lenders who offer some borrowers less favorable loan terms than others. With active participation from the borrowers in question, this measure could provide an important safeguard against certain predatory lending practices. Current Mortgage and Home Loan Requirements As things now stand, lenders are not required to inform individual borrowers whether their loan terms are better or worse than those offered to others

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More Info for Subprime Borrowers From FTC and Fed

As we’ve all recognized, the system failed (see this editorial from today’s New York Times, here).

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A true leadership opportunity for our government.

As we’ve all recognized, the system failed (see this editorial from today’s New York Times, here). Here’s what I think should happen next, if we are going to see true leadership from the top down

Originally posted here:
A true leadership opportunity for our government.

With the Second Circuit’s Judge