sreejo (lawyer) 28 September 2013

Whether separate bank account needed ?

Dear Experts,

Facts

Ram and Shiva are partners are the only partners of a firm. The firm is having a fixed deposit of Rs.100000/- with Big Bank. Ram expires and the firm submits the death certificate. Shiva obtains a Letter of Administartion from High Court of property and credits Late. Mr. Ram.

Shiva now requests the Big Bank to credit his existing SB account the following proceeds :

1. The F.D amount of the firm

2. The amount in SB account of Ram.

Query(From bank's point of view)

1. Whether the bank should open a separate account for crediting the above mentioned proceeds ?

2. Any other legal formalities to be followed ?

Please help !!.

Reply Follow

4 Replies

girish nanji shejpal (self practising) 04 October 2013

I think for F.D, We see weather partnership deed on this two person , & also see if any body Nominee for that Dead Person, then only New SB a/c can open as per that Bank F.D. Agreement rules

binay (advocate) 04 October 2013

no, cant pass any part of asset or liability of firm to its office bearer, consult an advocate

sreejo (lawyer) 16 October 2013

Dear Sirs,

Thanks for your inputs. In the instant case Shiva is having a LoA from court to deal with Ram's properties.

RAKESH PIPRODIA (ADVOCATE) 18 July 2019

LA from High Court is obtained by SHIVA and not by the Partnership Firm. Since, the FD is in the name of Partnership Firm the LA issued by the High Court shall not suffice.