John Wasniewski opened a brokerage account with Quick and Reilly, Inc., in his son James’s name. Twelve years later, when the balance was $52,085, the account was closed, and the funds were transferred to an account in John’s name alone. Only after the transfer, when James was notified that the account had been closed, did he learn of its existence. He filed a suit against Quick and Reilly, arguing that John’s opening of the account had constituted a gift. Is James entitled to the amount that was in the account on its closing? Explain. [Wasniewski v. Quick and Reilly, Inc., 292 Conn. 98, 971 A.2d 8 (2009)]
