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Any Financial lawyers here who can answer this question? (1 Viewer)

DJackson10

Footballguy
So long story short my Mom went back and joined the old Swim Club we were members of when my brothers and I were kids. My Mom knowns one of the pool board members and there is an issue with Membership bonds. Board members not paying bonds to belong to the pool and families putting people on their bonds and not paying for them (Or a guest pass) that aren't in their household. This has apparently been going on for yrs but the pool is now treading water (Pun intended) on financials. The president is nice but a huge pushover. End of the year pool meeting got out of hand with a ton of screaming and not productive. 

Anyway the board members who aren't playing fairly (Not paying their bonds and so fourth) are withholding Bonds of members of the pool and when some have asked to get their bonds back (a few families have left already to join other swim clubs do to issues) the board says they don't have the money. The belief is some of the board members are using the bonds to pay for not pool essentials such as their life interests or vacations. 

My mom has written a letter to the board in an adult manner explaining the situation, agreeing on things getting out of hand etc. She's looking into another swim club but a bit more money and would like her bonds back.

I was wondering for her and possible other members if the club who'd like to get their bonds back what legal rights on possible lawsuits and all they have if the board says they can't pay the bonds back or can't give them their bonds? What legal proceedings can they take? There's also other issues that my mom and some other members of the pool believe if they got an outsider to review the pool's financials could be involved too which could lead into more legal issues as well just for references. Members believe the Bonds aren't being used for pool Swim Club use such as upgrades, life guard pay, 4th of July and Opening and closing parties and other events the pool does for families each year the bonds are suppose to be used for. The Members are also suppose to put out a letter to swim club members of when the Board meets and other pool activity and such but are never sent out. 

As another reference I live in PA in the Philly Suburbs if that helps

Appreciated any feedback on this. Unlike my dad who's a lot of bark and no bite (in the landlord Tennant situation) my mom has a bite to that bark and if you push her enough it can get ugly for you. 

 
DJackson10 said:
So long story short my Mom went back and joined the old Swim Club we were members of when my brothers and I were kids. My Mom knowns one of the pool board members and there is an issue with Membership bonds. Board members not paying bonds to belong to the pool and families putting people on their bonds and not paying for them (Or a guest pass) that aren't in their household. This has apparently been going on for yrs but the pool is now treading water (Pun intended) on financials. The president is nice but a huge pushover. End of the year pool meeting got out of hand with a ton of screaming and not productive. 

Anyway the board members who aren't playing fairly (Not paying their bonds and so fourth) are withholding Bonds of members of the pool and when some have asked to get their bonds back (a few families have left already to join other swim clubs do to issues) the board says they don't have the money. The belief is some of the board members are using the bonds to pay for not pool essentials such as their life interests or vacations. 

My mom has written a letter to the board in an adult manner explaining the situation, agreeing on things getting out of hand etc. She's looking into another swim club but a bit more money and would like her bonds back.

I was wondering for her and possible other members if the club who'd like to get their bonds back what legal rights on possible lawsuits and all they have if the board says they can't pay the bonds back or can't give them their bonds? What legal proceedings can they take? There's also other issues that my mom and some other members of the pool believe if they got an outsider to review the pool's financials could be involved too which could lead into more legal issues as well just for references. Members believe the Bonds aren't being used for pool Swim Club use such as upgrades, life guard pay, 4th of July and Opening and closing parties and other events the pool does for families each year the bonds are suppose to be used for. The Members are also suppose to put out a letter to swim club members of when the Board meets and other pool activity and such but are never sent out. 

As another reference I live in PA in the Philly Suburbs if that helps

Appreciated any feedback on this. Unlike my dad who's a lot of bark and no bite (in the landlord Tennant situation) my mom has a bite to that bark and if you push her enough it can get ugly for you. 
:no:

 
How much money is in a "bond" or, in general, what sort of money is your mom potentially out if this pool collapses?

Note: I'm not a "financial lawyer" nor licensed in PA despite growing up right around where you are apparently describing!

 
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Quint said:
Is a “bond” an initiation fee, or something else?


Mostly it's a membership fee and the bond is similar to what you pay at a rental. You get the bond when you leave which is usually after the swim season I believe or you no longer want to be a member 

 
How much money is in a "bond" or, in general, what sort of money is your mom potentially out if this pool collapses?

Note: I'm not a "financial lawyer" nor licensed in PA despite growing up right around where you are apparently describing!
anywhere from $500-$800 I believe. They are more for holdings similar to when you pay for a rental and sign a contract. Get the bond back if you move

 
I don't think that word means what you think it does 

Surety bonds are not refunded

 
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anywhere from $500-$800 I believe. They are more for holdings similar to when you pay for a rental and sign a contract. Get the bond back if you move
Your question is probably both unique to the contract she signed with the pool when joining and to PA law. The reason I asked the amount of the bond is to determine if it is worthwhile hiring a lawyer or paying a consult fee or some such. For your mom, I can't imagine it would be economically wise to do so given the low amount. Now, if she and like a dozen or so other similarly situated people wanted to ban together that may be a different story. But, respectfully, what you're asking probably can't and/or shouldn't be answered by anonymous internet posters.

 
Your question is probably both unique to the contract she signed with the pool when joining and to PA law. The reason I asked the amount of the bond is to determine if it is worthwhile hiring a lawyer or paying a consult fee or some such. For your mom, I can't imagine it would be economically wise to do so given the low amount. Now, if she and like a dozen or so other similarly situated people wanted to ban together that may be a different story. But, respectfully, what you're asking probably can't and/or shouldn't be answered by anonymous internet posters.


I think the plan s if a whole group joins in then they were go legal action. My Mom for her part if it's just her might eat her losses. I was more so wondering what legal action if they got together could be taken if any? 

 
I think the plan s if a whole group joins in then they were go legal action. My Mom for her part if it's just her might eat her losses. I was more so wondering what legal action if they got together could be taken if any? 
This is a frustrating answer but that's really a question that only a PA attorney should answer.

 
I'm not a "financial lawyer"  but I believe most swim club bonds have language that allows the club to postpone refunding the bond until a replacement member is found. 

 

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