QUESTION

Affidavit of Trust

Asked on Jul 03rd, 2015 on Business Law - Virginia
More details to this question:
I have an affidavit of trust signed with my employer for money that I gave him 100k cash. The Affidavit of trust states that I can ask for the money back only after 6 years after his business stats which would be in 2011. I have done that several times but each time he comes up with the excuse that the business is not doing well etc... This time I am determined especially that I heard that he moved to Pennsylvania sold his house in the area and now he is not paying rent for the restaurant that I work at ( we received and eviction notice) Is he going to just declare bankruptcy what are the ways for me to get my money back? Thanks
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1 ANSWER

Assault and Battery Attorney serving Forest, VA at Fairchild & Yoder Law Office
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Your question is a pandora's box. It appears from your details that you had a document that made your boss a trustee for six years of 100k. The six years has passed and you have asked for your money back. What is not stated in your details is what the trustee was allowed to do with the money while he had it. A trustee has a fiduciary duty to rightly handle trust property and not abuse his discretion or the trust property. But, in a business setting, he may have had discretion to invest it in certain ways. Investments do not always win. Sometimes money is lost. However, the trustee has a duty to account to the beneficiaries. So, assuming (and assuming is always dangerous) you have a document that lays out who the beneficiary is, who the trustee is and you have it signed or other evidence showing the trustee agreed, then you have a right to have the money accounted for. in business, when money and services are being traded the best evidence is a signed writing. It must be signed by the person you are trying to hold accountable. In certain circumstances, other evidence may show assent but your best option is to have a detailed writing.  Here, if your document lays out your agreement and is signed, you may have good evidence to take to a court and ask for a judgement which would give you a legal right to collect.  NOTE: This material is for information only. It does not constitute legal advise nor create an attorney-client relationship. Always consult and retain a competent Attorney when facing legal opportunities and challenges.
Answered on Jul 06th, 2015 at 4:26 PM

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