Posy dated cheque
Kalyan Ghosh
(Querist) 15 January 2016
This query is : Resolved
Sir,
Post dated cheques were issued as per norms (monthly installment basis)maintaining dates such as 09/02/2016 and maintaining the same date for subsequent months in February/March and like that to an electronics company .Suddenly the A/C Holder is dead (passed away)What will be the fate of this Post Dated Cheques.Can the Electronics Company still credit the cheque from the bank.There is Sufficient Amount Remaining in The Bank A/C(Single Holder A/C,No Nominee even) from where the cheques are issued.I as the deceased's son is in favour of payment to the company.Please help .
Anirudh
(Expert) 15 January 2016
It will be advisable for you to exchange the earlier post-dated cheques (from the accounts of deceased person) with fresh post-dated cheques of account of a living person.
prabhakar singh
(Expert) 15 January 2016
You should inform the death date of the a/c holder to the banker.
The electronic co. has rights over the assets of the deceased to the extent of it's dues which it can realise by suit decree after obtaining a succession certificate from the court but can not encash the post dated cheques after the death of the person who issued them.
Else you own to pay and arrange as per negotiation with the electronic company.
ADV-JEEVAN PATIL, MUMBAI
(Expert) 15 January 2016
Ideally, it is better to inform bank of demise of a/c holder and nominee to a/c holder or heir of deceased can issue fresh cheques of installment
Rajendra K Goyal
(Expert) 15 January 2016
Post dated cheques / cheques dated subsequent to the date of death can not be paid after death of the account holder.
The balance in the account belong to legal heirs of the deceased, they or nominee can withdraw the same and pay to the company and get the cheques back.
K.S.Srinivas
(Expert) 25 January 2016
As soon as the Branch becomes aware of the
death of the A/C Holder, it will record the fact in the relevant account in the system and stop operation in the A/C. No further cheques should be paid even though they be dated prior to
the date of death of the A/C holder.
Since the deceased account holder not nominated anybody and there is a prescribed procedure for settlement of claim where there is no nomination. Approach the bank authorities for the details.
Regarding the payment of balance amount to the Electronic Company, cheques from your account can be issued for the payment of further installments.
