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| Author: |
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Anonymous |
| Date: |
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March 5, 2003 |
| Question: |
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Regarding my earlier question, I thought a bank could 'seize' (offset) accounts with balances in account when bankruptcy is being declared?
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From: |
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Ann Clarke, Alger & Associates Inc. |
| Date: |
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March 5, 2003 |
| Answer: |
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Banks do have the right of set-off of any funds in an account on the date of bankruptcy, but cannot seize anything deposited after the bankruptcy starts.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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