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I have been supporting a relative for some years now. I do this by sending 6 mos. of postdated checques. Recently I also had the party open up a trading account with a bank other than his regular bank -- to take advantage of tax losses -- with myself having power of (trading) authority, and deposited funds into this account, in order to have them separated from regular monthly support cheques. I also have full banking access and blank signed cheques to withdraw funds as I see fit. Our verbal agreement is that only I can have access to/control of these funds.
My concern is, since these funds are clearly segregated and under my control:
- should that party be declaring/be forced into bankruptcy, would these funds in this segregated trading account be saved from the bankruptcy proceedings? and/or
- if I withdraw these funds, would they be saved from the 1 year
retroactive provision in the banktruptcy act?
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