For legal questions relating to personal finance. Note that Stack Exchange does *not* provide legal advice; for questions with potentially serious legal ramifications, consult a lawyer specializing in the law in question.

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32
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4answers
6k views

It is legal for a retailer/store or other business to refuse $50 & $100 bills or other legal tender, e.g. pennies?

I'm trying to find out about businesses refusing $50 & $100 bills. Aren't they required by law to accept all legal tender? I had one person say it could be that it's not all legal (i.e. a ...
11
votes
1answer
291 views

Can a gift be re-gifted before a Chapter 7 Bankruptcy?

About a month or so ago, I gave a family member $10k to purchase a car, because he needed a reliable car for his two hour commute. He's going through some financial trouble, and is now looking to ...
10
votes
4answers
437 views

Did my salesman damage my credit? What can I do?

I am in the process of purchasing a new truck. A few months ago I put a $500 security deposit down on a truck. I was told that the truck was at a neighboring dealership and that it would take 2-5 days ...
10
votes
4answers
840 views

Will says “divide estate equally”. Life insurance has one named beneficiary. Can proceeds be made estate property?

If a parent dies and leaves a will that divides the estate equally, but also leaves a life insurance plan that names only one child as a beneficiary, can the other siblings force the life insurance ...
10
votes
2answers
5k views

Why is there a limit of 6 ACH transfers out of savings accounts (per month)?

I recently discovered this limit the hard way, after being charged a fee for each transfer over the limit. With online banking becoming so prevalent, this is a huge inconvenience as it prevents people ...
9
votes
2answers
503 views

How should I move out of my own house?

About a year ago, my mom and I purchased a house. It was something she really wanted and I was pretty much guilt tripped into moving in. After moving into the home and seeing our relationship go ...
8
votes
3answers
803 views

Is person-person lending/borrowing protected by law?

Suppose that individual A lends his money to individual B. In order for A to be protected, what does he need to do? Is his lending protected by law? (I would prefer to hear the general case, but if ...
8
votes
3answers
394 views

If the beneficiary of a Will is implicated or convicted of the deceased murder, does the Will still stand?

Honestly, I don't consider this to be a valid concern to my own financial planning, but having had the thought, I just wondered whether there are automatic provisions in law to nullify or remove ...
8
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3answers
259 views

Help: Being charged interest on a loan for which I received no statements telling me of this debt for the past 15 years. Surprise!

Is this legal? This was a private loan within a small business. I was under the assumption that the bill was paid in full 15 years ago. My only drawback is that I never got them to sign to verify the ...
7
votes
2answers
196 views

Why is there an income restriction on contributing to a Roth IRA?

Currently, single adults making more than $112,000 ($178,00 for couples) per year cannot use Roth IRAs I was just wondering what the reasoning behind the income restriction was for the Roth IRA ...
7
votes
2answers
662 views

Legal documents required for managing an investment portfolio among friends?

I am considering setting up a personal kind of hedge fund / stock portfolio among friends. I am trying to figure out what kind of a legal agreement I should have them sign for investing with me to ...
7
votes
1answer
3k views

How do I sell a home that's owned jointly if my partner doesn't want to sell?

I own a home jointly with a partner. I have made all the payments, taxes and insurance since the beginning. I have a buyer for the home but my partner does not want to sell. How can I override his ...
6
votes
4answers
384 views

Is it legal to hire people to generate traffic on a website?

Why do websites need to do that? It's all written in the title. Thanks in advance for any information on this.
6
votes
4answers
259 views

Is it illegal to buy derivatives on your own assets?

Is it illegal to buy derivatives on your own assets? Such as student loans you owe, or your own mortgage?
6
votes
2answers
2k views

If a house is in foreclosure what does the bank own vs what the former owner owns

So we were having a discussion about what we would all do if we were unfortunate enough to have our homes go into foreclosure. I asserted that all the appliances and even window blinds would still be ...
5
votes
6answers
2k views

Is there a law or regulation that governs the maximum allowable interest amount that can be charged on credit cards or in agreements where credit is extended?

When I worked in the corporate world, I remember dealing with a company from the U.K. who cited a U.K. regulation on maximum interest/finance charges that necessitated a change in their contract. ...
5
votes
3answers
1k views

Can I charge interest on money that I have lent out, even though I am not a financial institution?

On the news a couple of years ago, in BC, they said that if you are NOT an financial institution, it was illegal to charge interest on any money that you have lent out. Now I live in Alberta. And ...
5
votes
2answers
131 views

What considerations are there for making investments on behalf of a friend?

I've thought of two approaches so far: Pool their money into my own brokerage account and simply split the gains/losses proportional to the amount of money that we've each contributed to the ...
5
votes
1answer
145 views

Which jurisdictions levy a tax on depositum irregulare?

Depositum irregulare arises when a person deposits a certain amount of money or goods to be temporarily kept by another person, who is obliged to return the same amount and type of money or goods, but ...
5
votes
1answer
451 views

Funds in closed bank account have gone to the government

My son was advised by his accountant to close his limited company and start a partnership instead. He did this but he was not told that he needed to clear the company bank account - he left this open ...
5
votes
1answer
1k views

Mortgage: Difference between joint tenancy / tenants vs. tenancy in common?

When taking a mortgage, what is the difference between joint tenancy and tenancy in common? Under what circumstances is it preferable to choose one over the other? If your circumstances change how ...
4
votes
1answer
338 views

Family/divorce lawyer wants large retainer before taking on case. Is this normal?

My friend needs to get a separation agreement and divorce. The law firm she called asked for a retainer of several thousands of dollars up front before doing any work. Is a large retainer normal for ...
4
votes
1answer
593 views

An ecommerce retailer forgot to charge my credit card, & I received the package. Legally speaking, must I inform them they didn't charge me?

I recently made a large purchase from an online retailer's outlet store. The online store was having performance problems the day I ordered, but it is large trusted company so I placed the order ...
4
votes
2answers
976 views

What if only one of two tenants signs a lease?

The title is a little misleading. Lease agreements tend to have multiple forms that need to be signed. In my case there was the actual lease agreement (with checkmarks next to many things that needed ...
4
votes
1answer
62 views

What are the laws involved with residency requirements when it comes to purchasing real estate in Shanghai?

Please quote some examples from the laws imposed by the Chinese government, whether it's in English or Chinese (assuming there are a fair number of chinese readers here). Thanks in advance!
3
votes
2answers
8k views

What happens if I move out before my lease ends?

Suppose I sign a one year lease for an apartment or a house and pay a security deposit for the same amount as a month's rent. If I move out before the lease ends I know that my security deposit will ...
3
votes
3answers
181 views

What forms of payment am I compelled to accept?

In relation to this question about maximum amounts a check can be written for If I sell something like a car or other expensive item on Craig's List or in the local paper classifieds, am I compelled ...
3
votes
2answers
258 views

Is it illegal for Canadians to keep money in overseas banks?

The movies are always talking about off-shore Swiss bank accounts and "hiding" money. Is this legal? What is their motivation for doing so? If it is legal (in any way), how can it be profitable?
3
votes
1answer
494 views

Mandatory 401k contributions when a company's plan provider changes?

My company is changing 401K providers. I know I must rollover my funds from the original co. to the new 401K provider, but I did not want to contribute any additional monthly monies to the new plan. ...
3
votes
1answer
121 views

Can you borrow against a home that you don't fully own, i.e. inherited part, but without estate fully settled?

My brother and I were left our parents' home after they passed. My brother, executor of the will, resided in the house at the time of their deaths and I did not. The home is still in the name of ...
3
votes
1answer
208 views

Do all ETFs fall under the Investment Company Act of 1940?

Do all ETFs fall under the Investment Company Act of 1940? If not, how would a buyer know? Are there legal or financial terms to look for in the prospectus, or will be it spelled out explicitly?
3
votes
1answer
466 views

What is Remittance vs. Arising basis in Tax?

What is remittance and arising basis with regard to tax? From here: http://taxaid.org.uk/situations/migrant-workernew-to-the-uk/income-from-abroad-arising-basis-vs-remittance-basis Arising basis ...
3
votes
0answers
74 views

In Germany: can i live in a Betriebstaette to circumvent payment of the Rundfrunkbeitrag

While for a flat a person has to pay 17 sth. € per month, while for a Betriebstätte with one person working a company only hast to pay 5.99 €. As the company doesn't hast to pay anything at all if ...
2
votes
2answers
840 views

Can wire transfers be reversed? Is there a law or regulation providing for it?

Can wire transfers be reversed? Is this codified into United States or International regulation/law anywhere?
2
votes
2answers
261 views

Where to find actual legal code for Uniform Gifts to Minors Act (UGMA)?

Does anyone know where I can find the actual legal code for UGMA in Texas and the US? I can only find a bunch of sites that quote bits and pieces of the code. I couldn't find anything in the Texas ...
2
votes
0answers
41 views

When must a health insurance plan provide contraceptive coverage under PPACA?

I'm having a hard time deciphering PPACA as it relates to contraceptive coverage. It seems that all plans that begin after August 2012 must provide it, but there is a "grandfather" clause that allows ...
2
votes
1answer
488 views

How much time does one have to pay an invoice in Australia?

How long, legally, does one have, to pay an invoice? I have done extensive research on this, and there are too many contradictions on the Internet and a lot of it seems, to me, to be hearsay. I cannot ...
1
vote
2answers
141 views

Switching apartments & the correct way to exercise notice period with current landlord?

I'm in the process of signing the contract with another apartment, but the owner of the apartment I currently live in is not responding. I've sent the current owner an email on 6th November and there ...
1
vote
3answers
108 views

If I moved abroad, what happens to the U.S. apartment lease I'd be breaking? Would a debt follow?

I'm moving to the United Kingdom. What will happened to my apartment lease here in the United States? Will that debt follow me?
1
vote
2answers
133 views

Can a father structure his estate's inheritance to his children & one son-in-law in set percentages?

In a will from father to 3 daughters (I don't have a son), I can make a will giving equal shares to my 3 daughters. But, one of my son-in-law is giving me 50% of the total cost of the flat to ...
1
vote
2answers
124 views

Is there a difference on how the property is divided during the divorce based on gender, in the U.S.?

I know in most developed countries, women can get rich from divorce. But suppose a poor man marries a rich woman and they divorce later. Can the poor man claim part of the woman's assets? Or does it ...
1
vote
1answer
65 views

What options exists for a group of people to collect money in a secure way?

I am part of a group of people with a common goal in mind. We are not organized in any type of association. However, we have a need to hire a lawyer to represent our interests as a group and time is ...
0
votes
1answer
128 views

“Revocable Living Trust Agreement” without a lawyer?

As with the question on a will without an attorney, I'm wondering how well it would work to draw up a "Revocable Living Trust Agreement" without a lawyer. If it varies hugely by state, my specific ...
0
votes
1answer
91 views

Canada: No taxes filed since 2003 while living in another country

My sister has been living in Central America since late 2002. She worked at small jobs to stay afloat, but didn't file taxes from 2003 onward. Now she is starting to pull in some proper writing jobs ...
0
votes
0answers
64 views

American citizens playing foreign sweepstakes

I've read here: http://www.fraudaid.com/scamspam/lottery/foreign_lottery_federal_statute.htm that it is illegal for U.S. citizens to play foreign lotteries (although many Americans play the Canadian ...