Joint account in the bank.
Querist :
Anonymous
(Querist) 31 August 2011
This query is : Resolved
"Y" is the granddaughter of "X".They have the joint saving account in the bank. The amount in said account is the earnings of "X" only. After the death of "X" intestate,whether "Y" will be the legal heir of that amount? "X" has two sons.
prabhakar singh
(Expert) 31 August 2011
if the account is joint with operation right either or survivor why after death of x, even today in life time of x, y can withdraw entire sum in the account.
ajay sethi
(Expert) 31 August 2011
no y will not be sole legal heir . X tow sons have right in respect of money lying in account
The survivor(s)/nominee would be receiving the payment from the bank as a trustee of the legal heirs of the deceased depositor, i.e., such payment to him / them shall not affect the right or claim which any person may have against the survivor(s)/nominee to whom the payment is made.
Kiran Kumar
(Expert) 31 August 2011
but in the present case Y is not merely a nominee....she is a joint account holder.
had she been nominee the she could not have claimed it as a sole legal heir.
aforesaid is my opinion, if there is some contrary judgment then please apprise me of the same...it will add to my knowledge as well.
Querist :
Anonymous
(Querist) 31 August 2011
Dear Experts,The account is joint with operation right either or survivor.If "Y" purchase some land after the death of "X" in her name by making payment from said account and as I said in my original Query that the amount in this account is the earning of "X" only. Then after the death of "X" intestate the two son of "X" can ask their share from the purchased land which is in the name of "Y"?
Raj Kumar Makkad
(Expert) 31 August 2011
This matter has already been discussed in detail in the previous query raised by same querist. Refer the link:
http://www.lawyersclubindia.com/experts/Bank-Account-in-joint-names-131696.asp
adv. rajeev ( rajoo )
(Expert) 31 August 2011
X's legal heirs will be entittled for the equal share in that account.
Querist :
Anonymous
(Querist) 31 August 2011
Dear Makkad Sir,The query in the referred link is typical one as compared to my query so I request to please provide specific reply of my query just above your reply please.Thanks in advance.
Advocate. Arunagiri
(Expert) 31 August 2011
Y is the joint account holder. so, after the death of X, Y is the only owner of the account. The money lying in the account goes to her only.
ajay sethi
(Expert) 31 August 2011
In a joint deposit account, when one of the joint account holders dies, the Bank is required to make payment jointly to the legal heirs of the deceased person and the surviving depositor(s). However, if the joint account holders had given mandate for disposal of the balance in the account in the forms such as "either or survivor, former/ latter or survivor,anyone of survivors or survivor; etc., the payment will be made as per the mandate to avoid delays in production of legal papers by the heirs of the deceased.
13.2.4 In case there is no nomination or clause like "Either or Survivor" or "Former or Survivor" the amount outstanding in the account will be paid to the persons entitled as per the applicable law of Succession on production of prescribed documents.
prabhakar singh
(Expert) 31 August 2011
"munde munde matir bhina" means there would be as much opinions as are there the heads.
But i doubted that by your first post you are only half out and now you have come out.
A reply is given in context of a question on the basis of fact stated.
At then i viewed if account is joint money can be withdrawn by any of them when operation chosen is either or survivor ,no restrain,they can have some dispute in between for which bank would be not be held responsible.
Now the question has taken a new turn,
Let me consider what happens to a property,when it is joint between the two without showing any record of their share specifically??
Would not such a case of joint or co ownership would be that of half and half!
Now let me travel a little more as one is grand daughter(perhaps without income)and all money exclusively belonged to grand father!
Even in this case what us left by grand father is a cash property whose withdrawal from Bank is possible from bank by his joint a/c holder (who is his Grand daughter).
And any body claiming it by inheritance(as told here x had two sons), is expected to first obtain a succession certificate,and then to sue this grand daughter for realization of cash share grabbed by this grand daughter with in time prescribed by law of limitation.
I presume nothing of this sort was done and right ,if any ,to get accounted and to realize the share amount has stood time barred against the grand daughter.
On this hypothesis i further proceed to examine that the grand daughter from sum so withdrawn from the joint account with her Grand father, has purchased some immovable property and now questioner desire us to give an opinion that we should give him opinion that as the property has been bought by her from
grand fathers' fund hence they should be held owner being heirs of grand father.
ANY TAKER HERE??????????? AT LEAST I AM NOT.
ALTHOUGH THERE are SEVERAL THINGS TO BE CONSIDERED FOR WHICH SEVERAL FACTS HAVE TO INQUIRED.
DESPITE IT IS NOT THE FACT COMING OUT
THAT GRAND FATHER PURCHASED PROPERTY IN HER
NAME BUT THAT SHE PURCHASED PROPERTY FROM A
SOURCE OF FUND OF JOINT ACCOUNT BETWEEN HER
AND HER GRAND FATHER,HENCE PROPERTY(cash) EVEN IF
IT BELONGED TO GRAND FATHER WAS CASH AT
BANK,(as defense ,she can plead even a gift from her
grand father to her very comfortably ) WHICH EVEN IF
MISAPPROPRIATED BY HER GIVES BIRTH comfortably TO A
SUIT OF REALIZATION OF SHARE BY ASCERTAINMENT OF
SHARE CASH FALLING IN SHARE OF CLAIMANTS THAT TOO
AFTER OBTAINING SUCCESSION CERTIFICATE.
SO IF LIMITATION AND PROOF IS THERE ONLY THIS MUCH
REMEDY IS AVAILABLE TO QUESTIONER.
NOTHING MORE INDEED.
Raj Kumar Makkad
(Expert) 01 September 2011
I do agree with the detailed advice of prabhakar singh.
