joint bank account but operation by first holder only
Querist :
Anonymous
(Querist) 02 November 2010
This query is : Resolved
There is a joint bank account in the names of A & B, not related to each other, and the operation powers are only with A. If A dies leaving substantial amount in that account and without any nomination or any will. Whether B gets any right in the amount in such joint account.
s.subramanian
(Expert) 02 November 2010
From what you say a presume raises that it is a former or survivor account. If so,B is entitiled to the proceeds in that account.
pawan sharma
(Expert) 02 November 2010
in that condition B is entitled for it.
Devajyoti Barman
(Expert) 02 November 2010
B will get the entire amount unless some other direction is placed by A to the bank.
Chanchal Nag Chowdhury
(Expert) 02 November 2010
I beg to differ slightly with the opinions as given by the learned experts.What they have stated is correct but there are certain circumstances where the heirs of the deceased may claim & recover the money from B.
Parthasarathi Loganathan
(Expert) 02 November 2010
What you mean by operations power. I presume it relates to signing of cheques, etc. As opined by our experts, B is entitled for proceeds of account on the death of A only when the account is branded as "Former Or Survivor". Any instructions to the contrary by A during his lifetime duly acknowledged by the bank, then B is not entitled. In this case, Bank will settle the claims to B only to discharge its liability. However, legal heirs of A can always contest in court and recover from B where Bank will not be a party.
aman kumar
(Expert) 02 November 2010
mr p l is rightlegal heirs of A can always contest in court and recover from B where B will not be a party.
Kirti Kar Tripathi
(Expert) 02 November 2010
i agree with Mr. Subramanin. in case, their is any dispute between the B and legal heirs of A, it can only be resloved by the Civil Court and neither the Bank nor the legal heirs of A can do any thing in the absence of any valid orders of the Court.
Querist :
Anonymous
(Querist) 03 November 2010
As presumed by Shri S. Subramanian and others, the bank account is not 'either or survivor' or 'former or survivor'. It only states that operation by 'first' i.e. by A. The bank had accepted such operation instructions. B had no power of operation at all. Then as stated by Shri Parthasarathy Loganathan, why Bank should settle the claims to B only to discharge its liability, and whether Bank owes any liability towards B? Whether any decided case law on this point?
M.P.Kotwal
