More details to this question:
I inherited stocks from our family restaurant business. Then to be legal, about ten years ago I bought and paid for all my shares. Then due to some legal issues I turned the name of the shares/stocks over to my father. Now my father refuses to give me back my shares and is about to sell the restaurant and leave me out of the sale. What legal steps do I need to take? What kind of lawyer do I need?
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Estate Planning Attorney serving Batavia, IL
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So much depends on the specific facts and circumstances, of which you have provided only a glimpse; however, you may have a legitimate claim. You should run through all of the details with an attorney who does business litigation, preferably someone who has had some experience with constructive trust principles. If I am understanding you correctly, you transferred your shares to your father, not as a gift, and not for consideration (something of value in return, like money) but for other reasons for him to hold for you, perhaps until you got your legal issues straightened out. Those basic facts, if true and without any other complications, suggest that your father holds your shares in trust for you and is obligated to give them back. Again, so much depends on the specific facts and circumstances, as well as what can be proven and what cannot be proven.
Answered on Aug 19th, 2013 at 9:36 AM