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Right of Set-off-Beneficiary Funds/UTMA

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Question: 
I have a 20 year old customer that had a checking account that went negative and we couldn't reach him. We ended up charging off the account. This 20-year old is also the beneficiary of a Uniform Transfer to Miner's Act account that his grandfather is the custodian for. Since the beneficiary is considered the sole owner of the funds and it is to be used for their benefit, can I use "right of setoff" and take those funds and put them towards the charged off balance on his checking account?
Answer: 

You are suggesting that you try to attach an account that is being held in a fiduciary capacity? I would highly suggest you consult your legal counsel prior to attempting this action.

First published on 10/14/2018

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