Suit for declaration
JAGDISH KUMAR
(Querist) 15 December 2013
This query is : Resolved
Suit for declaration
JK purchased 2 fixed deposit receipts from a nationalized Bank in the joint name of his son and self.
The FDRs [fixed deposit receipts] were made as payable to ‘either or survivor’ for 5 years and there after being renewed annually. The FDRs are still alive in the bank.
The son’s name was added out affection.
The fund was drawn from the self account of JK to make these fixed deposits.
The funds so consumed were the retirement benefits received by Jk on his retirement.
During a family dispute, the son insulted the father-JK first by giving a written statement in judicial case to defame the father and secondly by manhandling the father in front of the house.
Jk instructed the bank not to pay the FDRs to his son.
Jk-father filed a suit for declaration in the court for directing the bank to delete son’s name from the FDRs as these were purchased from the retirement funds of Jk.
JK has proved in the court that the funds invested in FDRs are his retirement funds.
The son has not put any evidence in his favour.
On the last date of the case, the magistrate admitted the fact that the FDRs are made from the funds of Jk only but in a fix whether the court can direct the bank for cancelling the name of the son from the FDRs.
Any authority/judgment on the subject may be sent to me for sake of justice.
Devajyoti Barman
(Expert) 15 December 2013
Sorry decisions are not provided here.
I fail to understand why did you file the civil suit first hand when you could easily withdraw the money from bank and get it invested somewhere else.
Rajendra K Goyal
(Expert) 16 December 2013
Once the FDR has matured and renewed automatically, either of the depositor can withdraw it. Father should approach the Bank and get the payment of the FDR.
T. Kalaiselvan, Advocate
(Expert) 17 December 2013
There can be no dispute when there is an arrangement for either or survivor basis with the bankers, the depositor could have withdrawn the entire money even pre-maturedly anticipating the disputes over the this or any other issue with his son(joint holder).
