Suit for declaration
JAGDISH KUMAR
(Querist) 07 December 2013
This query is : Resolved
A FDR purchased from a BANK in the joint name of self and son from the retirement funds of the self.Can the self succeed in suit for declaration to delete the name of the son?
Is there any authority in this regard?
JK
Dr J C Vashista
(Expert) 08 December 2013
Redeem the FDR and get a new FDR in your own name.
What is the need to go for declaratory suit, which will be very difficult to prove and survive.
Guest
(Expert) 08 December 2013
Is Your son and yourself not in good terms now
ABDUL RAZIQUE
(Expert) 08 December 2013
No, your declaration suit may be stand on "declamatory suit". It is better for you that suasion your son.
Biswanath Roy
(Expert) 08 December 2013
Apprehending suppression of material facts that led you to think for declaratory suit .
Unless you ventilate the reason proper opinion is not possible.
uttamtibrewal@yahoo.com
(Expert) 08 December 2013
dear Kumar...
You can redeem the FDR and make another new FDR... if its in joint name then there is a problem ... cheque the status of FDR its either or survivor or joint.......???
Rajendra K Goyal
(Expert) 08 December 2013
What is the status of holder of FDR, it is either or survivor, former or survivor, payable to both or survivor or otherwise.
Few lines from RBI guidelines is reproduced:
RBI/2013-14/69 DBOD No.Leg.BC. 22 /09.07.006/2013-14 July 1, 2013
5.8.6.1 Repayment of Term/Fixed Deposits in banks
1. It is clarified that if fixed/term deposit accounts are opened with operating instructions ‘Either or Survivor’, the signatures of both the depositors need not be obtained for payment of the amount of the deposits on maturity. However, the signatures of both the depositors may have to be obtained, in case the deposit is to be paid before maturity.
2. In case the mandate is ‘Former or Survivor’, the ‘Former’ alone can operate/withdraw the matured amount of the fixed/term deposit, when both the depositors are alive. However, the signature of both the depositors may have to be obtained, in case the deposit is to be paid before maturity.
5.8.8 Addition or deletion of the name/s of joint account holders
A bank may, at the request of all the joint account holders, allow the addition or deletion of name/s of joint account holder/s if the circumstances so warrant or allow an individual depositor to add the name of another person as a joint account holder. However, in no case should the amount or duration of the original deposit undergo a change in any manner in case the deposit is a term deposit.
You should wait till maturity of the deposit.
Devajyoti Barman
(Expert) 08 December 2013
If it either or survivor name then you can redeem the FDR and invest in another one.
If it is joint one then you can get your half share only.
Rajendra K Goyal
(Expert) 09 December 2013
Expert Devajyoti Barman Ji,
Humbly differ.
In case of Either or survivor also as per RBI directive quoted above, consent of both the depositors is required.
Raj Kumar Makkad
(Expert) 09 December 2013
I totally differ with the advice of the experts in consonance with the author.
The clear meaning from the query is that he has no good terms with his son now and the money invested in FDR is exclusively from his retirement compensation so the way out should be told to her which may not require involvement of his son and the sole reply to his question is that there is no way out.
Biswanath Roy
(Expert) 09 December 2013
I am sorry to say that Mr. Makkad's views based upon his own guess work. The queryst never said that he has no good relation with his son. He only wants expert opinion on the question whether 'in suit for declaration' deletion the name of his son in the joint name FDR is possible?
Guest
(Expert) 09 December 2013
My question to the author regading the same as above is yet to be answered
JAGDISH KUMAR
(Querist) 15 January 2014
I paid full amount for purchase of a residential house in the joint names of my far related person and myself.The amount shown in the sale deed are 2 bank demand drafts purchased by me to the debit of my personal bank account.Since the relative is refusing to pay the promised amount,how I can get deleted the name of the relative from the registered sale deed.Please guide me.
V R SHROFF
(Expert) 15 January 2014
u may file suit for declaration. in civil court, and prove that u paid entire amt,
Despite it, it is difficult, and ultimate solutio is compromise/ settlement, to avoid >10 years delay and stay Order.
ajay sethi
(Expert) 15 January 2014
litigation is time consuming process . how did you add name of your relative in sale deed without receiving his contribution . as on date he is co owner of flat .
your original query was regarding FDR in joint names . now your query has changed to jointly purchased flat .
better arrive at settlement with your relative
Biswanath Roy
(Expert) 15 January 2014
CRAZY QUERY.Your first and last query are altogether two distinct and different questions. However, for your information deletion of name in the Registered sale deed is not possible. You can enjoy following options namely :-
1. You can obtain a Deed of Relinquishment in your favour signed and sealed by the joint owner and can get the deed registered.
2 The joint owner by a Deed of Gift can transfer his 50% share in your favour which should be registered. When experts are extending co-operation to the queryst with their valuable opinion so it is incumbent upon the queryst also not to take harrasive attitude.
Guest
(Expert) 15 January 2014
Agree with Mr.Biswanath Roy
ABDUL RAZIQUE
(Expert) 19 January 2014
I appreciate Biswanath Roy Sir, Nothing more to add.
