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Re: fourkids_9pets post# 14215

Tuesday, 06/02/2009 1:40:07 PM

Tuesday, June 02, 2009 1:40:07 PM

Post# of 16316
I don't think you understand the legality of the issue here.

If you owed me $10,000 and your friend came to me, handed me the $10,000 and told me he was paying your debt, there would be no recourse for him to get his money back from me.

You see, he assumed your debt and paid for it. If you did not pay him then the $10,000 debt becomes a legal issue between you and him.

Nobody could legally take tha money away from me without a court order as your friend assumed your debt by paying me.

No broker could legally remove the dividend from your account as this was a third party transaction. that means Scottrade has no legal claim to that money and can't, acting on your behalf, take it away from you. They have no claim against you for that money and they certainly can't legally take it back.

Simple concept, simple procedure. The only recourse would be for the T/A to sue ANVH for payment. That's how it works.


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