Full question:
My question concerns a irrevocable trust from my uncle which was entered into in 1999. The Co-Trustees, a lawyer in Florida and Citigroup Trust-Delaware, N.A. pursuant to a Court Order of the Circuit Court In and For Miami-Dade County, Florida, dated October 15, 2006 Probate Division, File No 05-1466 CP (04), the co-Trustees were ordered to distribute all the assets of the Irrevocable Trust. Since that Court Order a portion of the Trust has been distributed. Citigroup refuses to distribute the remaining portion of the trust until all the beneficiaries sign a Receipt, Release, and Refunding Statement. I am reluctant to sign this as my Uncles widow has filed court papers claiming fiduciary misconduct in the handling of the revocable and irrevocable trusts. My question is must I sign this RR&R agreement in light of a criminal prosecution of these co-Trustees or does the Final Summary Judgment demand the funds be released without a RR&R agreement?
- Category: Contracts
- Subcategory: Releases
- Date:
- State: North Carolina
Answer:
In some cases, a court order will specify that a release must be signed in exchange for payment to be made to a party. If such language isn't included, it may be necessary to file a motion for contempt to compel payment. Signing a release may be raised as a defense in a lawsuit for misconduct in the handling of funds.
When a court order isn't followed, a petition for contempt may be filed in the court that issued the order. A request may also be made to have the court to order the noncomplying party to pay for the losses caused by the failure to comply. The court retains continuing jurisdiction to enforce its orders by holding the noncomplying party in contempt of court. A party may also file a Judgment on Rule for Contempt, which is a prepared judgment ready for the judge to sign, to further the court's ease in making a determination. A certificate of service is filed along with the petition to prove that the petition was served on the opposing party. I suggest you contact a local attorney who can review all the facts and documents involved.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
