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Questions tagged [law]

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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84 votes
10 answers
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I am an EU resident being contacted about stock I own in a defunct company by a supposedly US based lawyer, is this a scam?

I am based in the EU, so I have very little knowledge of how the US legal system works. I have been contacted by a "law firm" in the US about a financial issue: a company in which I own a small ...
blueFast's user avatar
  • 861
46 votes
12 answers
37k views

Is it legal if I'm managing my family's entire wealth?

My family (father, mother, and brother) have allowed me to invest their money in the stock market and other types of investments (real estate, bonds and mutual funds). Is it legally okay to do all ...
Anoneemus's user avatar
  • 663
44 votes
6 answers
21k views

Can a CEO short his own company?

I'm just curious, it seems a CEO could make a lot of money by shorting a huge amount of shares on his company through a third party and then purposefully tanking the company before being fired. Surely ...
Albert Renshaw's user avatar
43 votes
4 answers
47k 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 ...
Cherie-Lynn's user avatar
38 votes
3 answers
12k views

How to prove that invoices are really unpaid?

When it comes to official business documentation (USA) between a company and a client who is either another company (B2B) or individual person (B2C), how can the company providing the invoices, prove ...
Liam's user avatar
  • 381
38 votes
5 answers
32k views

After hitting 80% LTV, my mortgage lender refuses to remove PMI. Any recourse?

I recently refinanced my home. At the time based on the appraisal vs. amortization I found I would be stuck with PMI (private mortgage insurance) for about 9 months. I've paid extra on the mortgage ...
Paul's user avatar
  • 1,296
34 votes
7 answers
14k views

Selling a property - multiple offers of same value?

In the U.S., when selling a residential property, is there a rule or law regarding how to handle multiple offers of the exact same monetary amount? Is this the kind of thing that would vary state-by-...
krb686's user avatar
  • 501
30 votes
7 answers
13k views

Someone stated that my uncle died in Canada and there is money for me [duplicate]

Someone contacted me and said that someone with a similar last name died and left me a large amount of money. He gave me information and forms from a bank, and other pertinent information. I then ...
Armen's user avatar
  • 301
30 votes
5 answers
78k 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 ...
The Matt's user avatar
  • 1,483
28 votes
5 answers
13k views

Can I create an LLC to put my assets into it in case I am personally sued

This is kind of the reverse of what typically people do. Typically an LLC is created to protect the owner's assets if the LLC is sued. I'm looking at it in the reverse order. If I put my money into ...
Dale's user avatar
  • 381
24 votes
7 answers
9k views

What are the advantages to banks being located in the City of London (the Square Mile)?

This question is about the City of London, i.e., the Square Mile, not greater London. There are an awful lot of international banks located in the City of London. What advantages are there to having ...
not_Rich's user avatar
  • 349
22 votes
6 answers
16k views

Does a direct deposit arrangement also enable direct withdrawals?

Suppose, for example, an employer in the United States deposits employees' paychecks directly into their bank accounts. If they determine (whether correctly or incorrectly) that a former employee was ...
Unknown Shoulder's user avatar
21 votes
9 answers
5k views

Is this investment opportunity problematic?

I recently got an email from a close friend of mine, that goes something like this: We're looking to sell our rental house and buy a new one. We found one we like, but the housing market is very ...
Mason Wheeler's user avatar
19 votes
1 answer
27k views

What US law requires a bank to reopen a closed account if a third party sends money to it?

I used to have an account with a local credit union. I moved, then closed the account. The credit union mailed me a check for my remaining balance and confirmed the account was closed. This was 14 ...
user avatar
15 votes
3 answers
5k views

Do I need my own attorney during mortgage refinancing?

I'm refinancing my mortgage with a well-known lender. I assume the lender's attorney will review the closing documents. I know the documents are pretty standard, but still wondering if I need to hire ...
Fijoy Vadakkumpadan's user avatar
15 votes
2 answers
4k views

Can I open a 529 retroactively to pay my student loans?

At the end of the year 2019, congress passed the SECURE Act. This act does many things relating to retirement accounts, but Section 302 specifically relates to 529 account expansions. These changes ...
Erin B's user avatar
  • 273
15 votes
1 answer
1k views

Is a Low Orbit Gamma Cannon illegal?

The recent/current GameStop situation with r/WSB vs Wall Street reminds me in some ways of the Low Orbit Ion Cannon, a tool in the 2000s that 4chan/Anonymous used to DDoS sites using the home ...
jernaumorat's user avatar
14 votes
3 answers
7k views

What is the rationale behind an FSA being "Use it or Lose it"?

One of the biggest gripes most people have with the Flexible Spending Account is the rule that you must "Use it or Lose it". This can lead to people frantically running around just before their money ...
TTT's user avatar
  • 47.2k
14 votes
4 answers
1k 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 ...
James Jones's user avatar
13 votes
3 answers
11k views

How to recover years of monthly payments to a scam website? (UK)

Not sure if this is the best place to ask the question. It's kind of related to finances. I somehow got tangled into a scam (in my opinion) called completesavings.co.uk I found out that somehow 3 ...
matewilk's user avatar
  • 876
12 votes
1 answer
3k views

Why is the price of hydrogen (H2) in Germany fixed at 9.50 EUR per kg?

In Germany there are only a few H2 gas stations. Why do they all have the same price? Why is the free market disabled here? Which law is responsible and why was it created?
Maik's user avatar
  • 247
12 votes
1 answer
1k 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 ...
Bob Loblaw's user avatar
10 votes
4 answers
3k 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 ...
sharon's user avatar
  • 101
10 votes
4 answers
3k 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 account. ...
Matt Chambers's user avatar
10 votes
3 answers
588 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 ...
user avatar
10 votes
3 answers
14k 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 ...
MrChrister's user avatar
  • 25.3k
9 votes
3 answers
7k 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 ...
Lendo's user avatar
  • 91
9 votes
3 answers
13k views

Is there a rule that a merchant must identify themself when making a charge

Recently I sent several credit card payments online. The company that charged my card is a multi-billion dollar company, so not just a small start-up. However on the statements the charges appeared as ...
Mike's user avatar
  • 369
9 votes
3 answers
6k 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 ...
user avatar
9 votes
2 answers
2k 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 ...
Jalisa Baker's user avatar
9 votes
2 answers
2k views

How secure is my 403(b)? Can its assets be "raided"?

I work at a state university and contribute to my 403(b) retirement account on a twice-monthly basis, maxing out the matching funds. I also contribute a smaller amount to another account, after ...
Alex Reynolds's user avatar
9 votes
2 answers
1k views

Is it still insider trading if no benefit was exchanged or received from the information?

Note - I have seen the other questions but they are still vague and explanations parsimonious. Is it still considered insider trading if no benefit was exchanged or received from the information? ...
Icer Box's user avatar
9 votes
2 answers
7k 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 ...
Joe Phillips's user avatar
8 votes
4 answers
1k views

Is it illegal to refrain from selling stock based on insider information?

If I were planning to sell my stock of the company I work for, then see a non-public draft of the next quarterly report that will make the stock go way up, and cancel my plan to sell based on that ...
hamboy's user avatar
  • 149
8 votes
3 answers
2k 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 ...
Andrew's user avatar
  • 303
8 votes
1 answer
27k views

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

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 ...
user10514's user avatar
8 votes
2 answers
3k 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 ...
eWizardII's user avatar
  • 223
8 votes
1 answer
3k views

Withdrawing large sums of money

In the USA, if I were to have an account balance of six hundred thousand dollars which I would like to withdraw in cash, is there any federal obligation for the bank to hand the money out in a certain ...
Wottensprels's user avatar
7 votes
3 answers
4k views

Is it illegal for a student loan servicer to lower the minimum monthly payment after overpayments?

I've been aggressively overpaying my student loans, which has led to them lowering my minimum monthly payments. The servicer and lender can presumably argue that they are doing me a favour, but my ...
pfinnigan's user avatar
  • 123
7 votes
2 answers
2k views

Arguments on the "unconstitutionality" of income tax: What acts, etc. of Congress require payment of income tax?

I've heard that while the 16th Amendment gave the U.S. Congress the authority to enact laws for the application of an income tax on US citizens, but I've also heard that there is currently no law on ...
Ben L's user avatar
  • 105
7 votes
2 answers
27k views

I am under 18 years old, in the US, my parents have terrible credit, how can I take out a loan?

I am under 18, currently shopping for a car. Like many people, I don't have enough money sitting in my bank account to purchase a good car, around $6,000 to $10,000. However, credit checks have ...
TheEnvironmentalist's user avatar
7 votes
4 answers
1k 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 ...
MrChrister's user avatar
  • 25.3k
7 votes
2 answers
317 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 ...
Justin Helgerson's user avatar
7 votes
1 answer
2k views

Is a public company allowed to issue new shares below market price without consulting shareholders?

A small public company I own shares in recently advised the market it has completed a share issue to raise money. The new shares were priced significantly below the current market price and there was ...
Flash's user avatar
  • 173
7 votes
2 answers
897 views

Why some ETFs delay payment of dividends after Ex Date?

I was looking at ETFs and noticed that etf like QQQ, DIA( Ex date is 09/20/2019 but pay date is 10/15/2019) pay dividends about 5 to 6 weeks after the Ex-Dividend date . But other etfs (e.g IVV, VOO) ...
Raj's user avatar
  • 3,492
7 votes
1 answer
170 views

I have two citizenships, a different coutry of residence and I'm studying abroad. Where do I pay taxes?

Background I have dual citizenship, Italian and Belgian My permanent residence is in (mainland) Spain I'm studying at a university in the UK (specifically, Scotland) Question I recently started to ...
Anakhand's user avatar
  • 255
6 votes
4 answers
340 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?
Allen jones's user avatar
6 votes
2 answers
6k views

Will I need to worry about "structuring" with wire transfers?

I am moving a large (for me) amount of money from a US bank account to a Danish one. Both are in my name. In order to even out the risk of transient exchange-rate spikes I'm planning to do it as a ...
hmakholm left over Monica's user avatar
6 votes
4 answers
696 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.
user avatar
6 votes
1 answer
4k views

When can an "insider" sell shares to the market?

If all the necessary information about the company at the moment is already disclosed to the public, are insiders allowed to immediately sell as much as they want? Is there a limit?
sculpter's user avatar
  • 108