A Cleveland woman who ended up in a feud over $182,000 in Depression-era currency found in the walls of her home has filed for bankruptcy.
Amanda Reece's Nov. 5 filing lists liabilities of $1.9 million and assets of $980,000.
A contractor found the stash during a remodeling project in April 2006. He asked for a share but he and Reece couldn't agree on how to split the cash.
She testified in a deposition that she had spent about $14,000 of the money and that $60,000 was stolen from her closet.
Contractor Bob Kitts got about $25,230 but a judge ordered him to split it with the estate of the man who hid the cash during the Depression.
Neither the deposition nor the bankruptcy filing explain what happened to the rest
As a contractor, what right do I have to cash found in someone else's wall?
strange days
Actually, during demolition, a contractor has rights to nearly anything found. He could have kept the money.
I'm with you, bluecollar, this man did nothing out of the ordinary to find this. Anyone else hired to do the job would've found it, too. He should've been ecstatic with 10%. "He says he wasn't raised that way."- What, you mean to be decent???
I have a hard time believing the demolition aspect, Son. If it was a building being demolished, sure, but this was a wall being taken down- everything in it still belongs to the homeowner, unless they have something in the contract. I think the contractor was completely wrong, and if I lived in that area, I'd have to think twice before hiring him! Maybe he should've thought more long term ....
Very good point
the contractor keeps his contract to fix the house ,If that ..end of story
people find things in other peoples houses and they think they should get some of it! I don't even know how a judge could even award him some of the money. funny world
I guess the next time someone does work on my house, and they go into my bedroom, open my dresser drawer, and find $500 cash, they are entitled to it.
That's a pretty silly analogy.
Ok, but some idiot leaves all this money in the wall and forgets it or dies or whatever. The guys an idiot for telling anybody.
The contractor may have found the money but it isn't his house. She was generous enough to offer him 10%. Not bad money. He got greedy and now he gets nothing. What an idiot.
OMG! A lousy 10%! You must be one of those people who doesn't like to give tips when you go out to dinner. The homeowner pissess me off for being so greedy, as it is likely she would never have known about the money under any other circumstance than getting off her lazy butt and doing the work herself. This is an unfortunate example of how sometimes honesty is NOT the best policy. I would have been happy to split it 50/50.
The contractor sounds like a decent, honest man. He didn't want to withhold his find from a high school acquaintance. He behaved well in this situation.
I'm with the attorney. That $60,000 was not "stolen," but conveniently disappeared. Reece isn't fooling any body.
But for the contractor's efforts, the money wouldn't have been discovered soon. It's too bad they couldn't reach a settlement on their own, though.
I wonder if Patrick Dunne was a long-lost cousin of mine...
It was "found money" that the homeowner didn't even know about. It should have been split 50/50. If the contractor had not been doing demolition the money would have never been found.
LOL Division by Zero. Stop by my column and say that and you'll be called an immoral ne'er do well.
too bad they both got greedy-she wouldn't have known if he didn't tell her. She had no idea there was money in the walls.
LOL I know! What a total n00b. He could've made out like a bandit if he'd have kept his trap shut.
Ah, well.
The descendents shouldn't have gotten a penny.
But, can't we assume that it would've been found anyway if she had hired someone else to do the job- and not her High School friend? Then he would've been left out.
Yes, he could've taken it and not said anything. She didn't have to offer him 10%. She's obviously got something going on with $60K missing that she never reported(!). Both are getting what they deserved- less money and bad PR.
Would you have demanded more money in his situation?? I would've been happy with 10%, and even then I might not have taken it. Maybe a bill as a memento. Bottom line, though, is it wouldn't be mine. I wasn't raised like that.
The fact that he WAS her friend knew and he told her (just when you think you know someone) makes the story all the more ugly. She did not have to offer him 10%, true, but he did not have to have integrity and tell her either. Oh, he is just kicking his own ass right now, poor dude and that picture.....oh, I guarantee that was taken before she offered him the 10%. The smile on his face says, 50/50, hers on the other hand says.....SUCKER!
Like other folks have already commented, the contractor didn't have a right to a dime of that money. It belongs to the homeowner. I would think that after all those years the money should have been regarded as abandoned and the descendants shouldn't have gotten anything.
When a contractor is doing demolition, they are entitled to keep what they find. I've done demolition work. In remodeling a jewelry store, we found 2 rings worth about $2,000 each. They were our property. The company, a LARGE jewelry chain wanted them back, we said no. Simple deal.
I know what I am going to do next time I find heaps of money in the wall......
Or the odd antage of saying to the client since you are having such a rough time, and when you hired me you were sighting bankruptcy for one of the properties you owned, and just for old time friendships sake, let me do the job gratis. The contractor may have even recieved an added bonus of a free meal to boot.
Oh well so much for Monday quarterbacking?
Why doesn't the reporter say how much the contractor received? It says a court awarded him something but offers no basis. Kind of relevant. I don't think the contractor should have received anything either.
Well now that I had my coffee I see that he received a few thousand but on what basis? What is a few - 2-3,000?
I've done handywork. If I found anything it would belong to the homeowner in my mind. If they wanted to share, fine, but I would not expect and certainly not demand anything.
That's only because you have ethics and morals. This contractor apparently didn't. He should have taken his 10%, said thank you and moved on, but in the end greed overtook any sense of what's right and wrong.
See where those pesky morals and ethics get you?
Interesting. Perfect example of how the law turns it back on what many in society believe is the "right thing." When did choices with integrity fall our of favor morphing the "hero" into a schmuck? Obviously, Mr. Contractor did not get the memo!
The law and ethics are often at odds with each other. What is the right thing to do and what is the legal thing to do are not always the same. Most people assume that because it's legal to do something, it's also ethically right to do it.
In this case it was both, legal and ethical and the dude still lost! This guy should have called in sick, oops that would not have been ethical had he not be sick legit!
As a contractor, I find it ridiculous that the contractor expected a share. I personally would have handed the entire stash to the homeowner. I would think a smart person would just hand it all over or say nothing and take it all. The Judge is a moron, the homeowner shouldn't have hand anything over. A good look at real estate law will show that if she bought the house free and clear she is entitled to every nail, stud and money in between.
yeah when i'm close to bankruptcy and find a huge stash of money... i take a 14000 dollar trip. I wonder how she got almost bankrupt??
I couldn't agree with you more. She should have had to swim home from Hawaii.
I am sorry everyone, but I can't hold back any longer. WHAT A GREEDY B***!!!
I love it. They both start arguing, the estate get's involved and they both end up with squat. Except her. She went to Hawaii and claimed 60K was stolen. Two fools and their money are soon departed.
Yep! Along with no good deed goes unpunished and maybe even the road to hell is paved with good intentions. On, second thought, maybe not.
The home owner bought the house and everything contained inside at the time of sale. The home owner EMPLOYED a contractor to do repair work in HER home. The contractor (employee) found money in HER home. The homeowner offer the employee $18,200 of HER money as a thank you. Disgruntled employee gets upset and wants MORE... Doesn't get more and sues (tries to steal more). PEOPLE wake up! You are agreeing with the contractor on this? Honesty was always the best policy when I was growing up, not what I could get for nothing. He was doing what he was paid to do which was do repairs. He could have received an extra $18,200 for doing nothing but being honest, but being greedy has cost him his honor and future business contracts. However, the true greed is from the previous owners. They had no claim to the money and if you think they did then you owe the natives of this land you are on half of what you have now so start writing checks or be grateful for what you have.
The present owner of the house should be the rightful owner of the contents of the house. If she felt she need to give a finder's fee, sobeit. Also, if she verbally agreed to "share" the money with the contractor that is a verbally binding contract. Otherwise, all previous owners of the home, present owner and descendants of the man that actually placed the money there, plus the contractor should all be equal. Of course, did the money legally belong to the man that put it there or was it illgotten? A lot of questions that really aren't necessary. Ultimately I believe the present owner is the owner of anything in the house.
Sounds to me like she would be a great CEO for some company. She is terrible with finances(has multiple houses and can't survive),takes lavish vacations-when she can't afford it, does nothing but hire an individual to DO THE WORK for her, worker stumbles across huge cash and she screams mine mine mine back to work peasant-heres a measly 10% to keep your mouth shut and by the way have you seen where i put the other 60,000 Iseem to have misplaced it orrrrr did YOU steal it-------I wonder WHAT IS WRONG with this country.
If they aren't married themselves, then they should marry each other, after all greedy stupid types such as this deserve each another.
If they aren't married already then they should by all means marry each other. After all, Greed meets Stupid. A marriage made in heaven. And you can't think they don't deserve each other. She'd find her 60K and he'd get his 40% of nothing! Perfect!
yah...and what's really scary....these type of people are allowed to vote!!! LOL :) DDDUUUHHH!!! ROFLMAO
lol...
I don't know how I would have reacted ... I think I must be prescreened when it comes to any luck like that.
One thing for sure... I ask homeowners if they would like to do thier own tear out to lessen the over all costs. It is one thing that just about anyone can do or atleast oversee with cheaper labor than I am.
I would love to see what Randy Cohen, the guy who writes "The Ethicist" column for the NYT, would have to say about this.
Let's shift this into a different realm though for grins. Say I sell you a car that I inherited from a deceased relative. Hidden inside one of the body panels are some neatly stacked and wrapped $100 bills that add up to $150,000. I apparently didn't know about the cash when I sold it to you. You certainly didn't know about the cash when you bought it from me. You have a fender-bender in the car. When you take it to the body shop for repairs a guy working in the shop discovers the money hidden there. The guy at the body shop does what he doesn't have to do. He calls you and tells you about the money.
Do you split any of the money with the guy at the body shop? If so, in what ratio? If not, why not? Do you contact me as the former owner to tell me about the money? Do you offer to split any of the money with me? Do you just claim all of the money for yourself?
Legally I'd say the money belongs to the person who bought the car, not the body shop guy and not the person who sold it.
Ethically I'd give the body shop person a reward for doing the right thing and not stealing it and I'd offer to return the rest to the previous owner as it was obviously unintentional.
It's interesting in the real case a judge came to the conclusion they did, personal property law must differ dramatically by state.
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