Thereafter, on December 31, 2019, the plaintiffs commenced the instant action against Morgan Stanley and Vincent's estate, inter alia, to recover the subject funds. The parties did not resolve the issue before Vincent died on August 20, 2019. Morgan Stanley advised the plaintiffs and Vincent that, although it was "required to recognize the most recent valid beneficiary designation that it has in its possession at the time of the account owner's passing," it would wait to distribute the account until an agreement had been reached among them or the service of a court order directing how the funds be distributed. Theresa died the next day, September 7, 2016, at 4:30 a.m., and the "IRA Designation of Beneficiary" form was sent to Morgan Stanley the same day at 1:09 p.m. The IRA adoption agreement provided that "ou may change your Beneficiary designations at any time." On September 6, 2016, Theresa executed a form titled "IRA Designation of Beneficiary" designating her husband, Vincent Buonomo (hereinafter Vincent), as the sole beneficiary of the IRA funds. On October 9, 2007, Theresa Buonomo (hereinafter Theresa) executed an IRA adoption agreement funded by the defendant Morgan Stanley Smith Barney, LLC (hereinafter Morgan Stanley), designating the plaintiffs as equal beneficiaries. ORDERED that the order is affirmed, with costs. The order denied the plaintiffs' motion, in effect, for summary judgment declaring that they are entitled to the proceeds of the IRA account and directing the defendant Morgan Stanley Smith Barney, LLC, to distribute to them the proceeds of the IRA account. ![]() In an action, inter alia, to recover proceeds of an IRA account, the plaintiffs appeal from an order of the Supreme Court, Nassau County (Steven M. Costello, P.C., Garden City, NY, for respondent Estate of Vincent Buonomo. Morgan Stanley Smith Barney, LLC, defendant, Estate of Vincent Buonomo, respondent.Īnthony S. This opinion is uncorrected and subject to revision before publication in the Official Reports.Īppellate Division, Second Judicial Department Published by New York State Law Reporting Bureau pursuant to Judiciary Law § 431. ![]() ![]() Franco v Morgan Stanley Smith Barney, LLC
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