At Fault accident, protecting asset

[mpiazza000]

Hi, I got into an accident that I am at fault, my mother purchase an apartment more than 20 years ago and when she had done so, she also added my name as co-owner of the apartment. She paid the apartment with all her money at that time. My question is, if the other party tries to file a lawsuit, would this apartment be liable? I am in New york

 

[marindependent]

This is a good question for a New York [or state of accident / lawsuit] Attorney.

 

[Allen Trent]

Hi, I got into an accident that I am at fault, my mother purchase an apartment more than 20 years ago and when she had done so, she also added my name as co-owner of the apartment. She paid the apartment with all her money at that time. My question is, if the other party tries to file a lawsuit, would this apartment be liable? I am in New york

Not liable as the apartment didn't cause the auto accident. However, if you are sued in court & have a judgement against you for damages, your auto insurance would pay up to it's limits & then some assets & future income of yours could be seized to satisfy the judgement. You will need to ask a lawyer what assets can be seized to satisfy a lawsuit judgement

 

[Markthebroker]

Not liable as the apartment didn't cause the auto accident. However, if you are sued in court & have a judgement against you for damages, your auto insurance would pay up to it's limits & then some assets & future income of yours could be seized to satisfy the judgement. You will need to ask a lawyer what assets can be seized to satisfy a lawsuit judgement

Great answer. It's possible, but I doubt a better answer will be posted.

I'll continue to disagree with you on other topics Allen, mostly political, but you nailed this one.

 

[mpiazza000]

Great answer. It's possible, but I doubt a better answer will be posted.

I'll continue to disagree with you on other topics Allen, mostly political, but you nailed this one.

do you mean what he said is possible, but unlikely? the person was very active during the injury like he wasnt hurt, but I am afraid of insurance fraud

 

[Markthebroker]

do you mean what he said is possible, but unlikely? the person was very active during the injury like he wasnt hurt, but I am afraid of insurance fraud

What liability limits do you have on your auto insuance?

 

[adjusterjack]

do you mean what he said is possible, but unlikely?

I think Mark was referring to the possibility that someone might give you a better answer.

I don't have a better answer but I do have some additional information for you.

According to a NY court website, a judgment creditor can only levy against (seize) non-exempt personal property. A judgment creditor can only file a lien against real estate owned by a debtor, and not force the sale of the property. That means that, when the owners sell, the lien has to be paid to the extent that there is sufficient proceeds from the sale.

How Do I Collect on a Judgement? | NYCOURTS.GOV

If proceeds are insufficient, part of the debt remains subject to collection efforts.

Next, according to NY statutes (Estates, Powers, and Trusts)

§ 6-2.2 When estate is in common, in joint tenancy or by the entirety
(a) A disposition of property to two or more persons creates in them a
tenancy in common, unless expressly declared to be a joint tenancy.

Legislation | NY State Senate (nysenate.gov)

If your deed with your mother does not specify joint tenancy then only your half ownership is subject to the lien.

Depending on the severity of the claimant's injury and your per person liability limit, your company's claim rep is going to attempt to negotiate a settlement well within your policy limits.