right of account money

Querist : Anonymous (Querist) 12 October 2010 This query is : Resolved
my grandmother has a joint saving account with my cousin.because of dispute between my grandmother & cousin ,so my grandmother has decided to cease the account & she ceased the account in 2007.Now my grandmother died in march'2010.My grandmother has left the registered will on name of father.So i want to know whether money of account belongs to my father or my cousin.

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s.subramanian (Expert) 12 October 2010
It depends upon the nature of the joint account. If it is former or survivor account,the proceeds in the account will go to your cousin as a nominee. IN view of the will of your grand mother,the cousin will have to receive the proceeds and give it to your father,who is the legatee. If it is either or survivor account,then your father will be entitled to half the proceeds as per the will and the rest will go to your cousin.

Parthasarathi Loganathan (Expert) 12 October 2010
Whether Bank has been intimated about the dispute by your grandmother? If so, then, proceeds will be shared as advised by our Senior Expert. If not, then Bank will act on the claim document as per their records and the cousin will be paid the proceeds in his capacity as the survivor. Court will then decide if the lagatee files a case against the survivor or nominee for his legitimate claim based on the testament. I have settled number of cases in this fashion amicably during my tenure at operational banking.

Raj Kumar Makkad (Expert) 12 October 2010
i AGREE WITH EXPERTS.

aman kumar (Expert) 18 October 2010
what is the reasons & conditions given in application for cease accounts than Bank will act on the claim document as per their records and the cousin will be paid the proceeds in his capacity as the survivor. Court will then decide if the lagatee files a case against the survivor or nominee for his legitimate claim based on the testament.

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