Resignation of Trustee (Bank) Our trustee resigned.

Resignation of Trustee (Bank)
Our trustee resigned. They paid themselves a termination fee 4X their normal annual fee. They also paid out, on the last day, attorney retainers – 5X there annual fee. They told the benificiaries that they would return the retainers (but not the termination fee) only if we signed a global release to hold harmless. Is this leagal?

One thought on “Resignation of Trustee (Bank) Our trustee resigned.

  1. Re: Resignation of Trustee (Bank)
    No, an attorney cannot hold client’s money hostage for any reason unless there is a dispute as to payment. You are not obligated to sign a global release.

    It sounds like you should consider contacting the ARDC (Attorney Registration and Disciplinary Commission).

    Please feel free to give us a call if you want to talk about your case.

    Motty Stone
    Law Offices of Motty Stone
    6207 N Sacramento Ave
    Chicago, IL 60659

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