3 ms·

Fascinating, is there ever a point where this "magic money" legally becomes your property, after a certain amount of time?

kasey_junk 3y ago
Depends on the jurisdiction but typically no.
scott_w 3y ago
Short answer "it depends." Long answer: It depends on your jurisdiction, the entities involved, the amount of money involved, and probably more. However, it's not possible to know ahead of time, you'd need to go to court and argue why this entity is being unreasonable in demanding the money be returned.
indymike 3y ago
In the US, you are supposed to turn it over to the state, and the government holds it for an extremely long time until it's owner claims it.
- alsetmusic 3y ago
  Also, you're probably not going to win a dispute with a / the state. The USA government stole my money once (bank transfer). It was a rent payment to a landlord with a Muslim-sounding name. I contested it by sending in their form with the case number that they'd provided me. They responded saying they had no case matching my info. I gave up before investing more time because I thought it was unlikely to end well for the amount of effort I'd have to invest. I started directly depositing money orders into his account. No problems after that. The USA government profited one month of my rental rate. I nearly got evicted when my rent wasn't delivered. No explanation was ever given to me.
  - aftbit 3y ago
    Ah but if you _do_ want to win a dispute with the state, you must not give up when you hit a logical contradiction. The only way out is through.
  - pc86 3y ago
    This isn't "I lose a dispute with the state," it's "I hit a pebble-sized roadblock and immediately gave up." I'm glad that a month's rent isn't a lot of money to you but this probably shouldn't inform your opinion on how it is to interact with the state.
hansvm 3y ago
There was a fairly recent case [0] exploring a situation in which the amount of time is 0. In that jurisdiction, if somebody owes you money and pays you money, they aren't entitled for that particular payment to be returned just because it was an "accident". [0] https://www.google.com/amp/s/amp.cnn.com/cnn/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html https://www.google.com/amp/s/amp.cnn.com/cnn/2021/02/16/busi...
- pjc50 3y ago
  The "if they owe you money" is very important here.
- cschneid 3y ago
  that is a different case. That was a payment on a real debt, just earlier than intended (and due to a mistake). The top comment was talking about money that wasn't even billed. They don't have any actual service or product it was tied back to. Also if they do have agreements with that insurer (just no payments pending), there is going to be a contract overriding default law which probably covers how to handle mistakes.
- rmasters 3y ago
  That ruling was overturned on appeal. https://www.reuters.com/markets/us/citigroup-wins-appeal-over-mistaken-revlon-wire-transfer-2022-09-08/ https://www.reuters.com/markets/us/citigroup-wins-appeal-ove...
  - hansvm 3y ago
    Interesting!
- PKop 3y ago
  The question was obviously referring to money not owed.
  - hansvm 3y ago
    Absolutely (hence the low word count, many of which were dedicated to highlighting that distinction). When learning about a topic though, it's helpful to explore surrounding ideas.
bluGill 3y ago
Check with a lawyer, this varies all over the world and you don't want to mess this up. Not only might the money become theirs again, it might become theirs with interest. Though you might be able to charge them storage fees. don't forget that laws change so keep in touch with your lawyers so they notify you when laws changes so you can remain complaint. Make sure you keep record of what the lawyers say as well - if (when?) you mess something up record of trying to do the right thing can work to your favor in court.
- chasd00 3y ago
  I was just a kid at the time, I can't remember what they did with it over time. I do remember it getting pretty large one time and the executives were nervous about this pile of money they didn't know what to do with. The CEO/owner was a very honorable and decent guy though and I have 100% confidence whatever was the RightThing(tm) to do is what he did. heh 20 something years later and he still takes my calls to listen to my crazy business ideas.

kasey_junk 3y ago

Depends on the jurisdiction but typically no.

scott_w 3y ago

Short answer "it depends." Long answer: It depends on your jurisdiction, the entities involved, the amount of money involved, and probably more. However, it's not possible to know ahead of time, you'd need to go to court and argue why this entity is being unreasonable in demanding the money be returned.

indymike 3y ago

In the US, you are supposed to turn it over to the state, and the government holds it for an extremely long time until it's owner claims it.

alsetmusic 3y ago
Also, you're probably not going to win a dispute with a / the state. The USA government stole my money once (bank transfer). It was a rent payment to a landlord with a Muslim-sounding name. I contested it by sending in their form with the case number that they'd provided me. They responded saying they had no case matching my info. I gave up before investing more time because I thought it was unlikely to end well for the amount of effort I'd have to invest. I started directly depositing money orders into his account. No problems after that. The USA government profited one month of my rental rate. I nearly got evicted when my rent wasn't delivered. No explanation was ever given to me.
- aftbit 3y ago
  Ah but if you _do_ want to win a dispute with the state, you must not give up when you hit a logical contradiction. The only way out is through.
- pc86 3y ago
  This isn't "I lose a dispute with the state," it's "I hit a pebble-sized roadblock and immediately gave up." I'm glad that a month's rent isn't a lot of money to you but this probably shouldn't inform your opinion on how it is to interact with the state.

hansvm 3y ago

There was a fairly recent case [0] exploring a situation in which the amount of time is 0. In that jurisdiction, if somebody owes you money and pays you money, they aren't entitled for that particular payment to be returned just because it was an "accident". [0] https://www.google.com/amp/s/amp.cnn.com/cnn/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html https://www.google.com/amp/s/amp.cnn.com/cnn/2021/02/16/busi...

pjc50 3y ago
The "if they owe you money" is very important here.
cschneid 3y ago
that is a different case. That was a payment on a real debt, just earlier than intended (and due to a mistake). The top comment was talking about money that wasn't even billed. They don't have any actual service or product it was tied back to. Also if they do have agreements with that insurer (just no payments pending), there is going to be a contract overriding default law which probably covers how to handle mistakes.
rmasters 3y ago
That ruling was overturned on appeal. https://www.reuters.com/markets/us/citigroup-wins-appeal-over-mistaken-revlon-wire-transfer-2022-09-08/ https://www.reuters.com/markets/us/citigroup-wins-appeal-ove...
- hansvm 3y ago
  Interesting!
PKop 3y ago
The question was obviously referring to money not owed.
- hansvm 3y ago
  Absolutely (hence the low word count, many of which were dedicated to highlighting that distinction). When learning about a topic though, it's helpful to explore surrounding ideas.

bluGill 3y ago

Check with a lawyer, this varies all over the world and you don't want to mess this up. Not only might the money become theirs again, it might become theirs with interest. Though you might be able to charge them storage fees. don't forget that laws change so keep in touch with your lawyers so they notify you when laws changes so you can remain complaint. Make sure you keep record of what the lawyers say as well - if (when?) you mess something up record of trying to do the right thing can work to your favor in court.

chasd00 3y ago
I was just a kid at the time, I can't remember what they did with it over time. I do remember it getting pretty large one time and the executives were nervous about this pile of money they didn't know what to do with. The CEO/owner was a very honorable and decent guy though and I have 100% confidence whatever was the RightThing(tm) to do is what he did. heh 20 something years later and he still takes my calls to listen to my crazy business ideas.