Unable to access bank account since it's a trust account
Mugdha
(Querist) 24 October 2019
This query is : Resolved
Hi,
I seek advice on the following:
My father had constructed a Kali temple in collaboration with a few other people in 2000. There was a trust committee formed which had 4-5 trustees. My father was the president for this committee. There was also a bank account opened in the name of this trust. The signing authorities of this bank account were my father and another person. The paperwork and bank account was managed by my father's accountant. My father passed away in 2016 and so it was decided that my mother would be appointed the president (since none of the trustees is now interested in managing or taking any responsibility). This was written and signed on plain paper (no stamp paper or anything).
Beginning of this year, the accountant handed over all paperwork stating he no longer wanted to manage this. Once we got the bank account papers, we realised that the bank account has been dormant since 2016. I submitted fresh KYC to activate the account but we still can't access the money coz the bank says that the other signatory is required and also since it's a trust account, the trust president-ship needs to be legally transferred to my mother and then she can access the account and the money.
My query is,
1. We want to dissolve the trust so that this problem does not arise again once my mother is no more. What is the procedure for dissolution?
2. How can we have access to the bank account money? It is needed for the repairs and maintenance of the temple and right now we're running short. Will the dissolution of the trust make it easy?
I hope I've provided enough information for you to guide me :) please do let me know if you need more information. Thank you!
KISHAN DUTT KALASKAR
(Expert) 24 October 2019
Dear Sir,
First reconstitute your trust legally then approach the bankers and if they do not allow you to operate the account then approach the High Court for appropriate remedy.
Dr J C Vashista
(Expert) 26 October 2019
Whether there is some clause in the Trust Deed regarding succession of trustee(s)?
Show the documents to a local prudent lawyer for proper appreciation of facts, guidance and proceeding.
