Succession
rohitkumar65
(Querist) 21 June 2013
This query is : Resolved
Dear Experts,
Succession certificate have been granted in favour of two persons. Subsequently prior to withdrawal of money from bank one of the persons name in succession certificate died. Now, what should the bank do? Should they give entire amount to the person alive ? Please suggest.
Anirudh
(Expert) 21 June 2013
What about the successors of the person who died? They will be entitled to the share of the deceased person. Therefore, they have to be brought in.
The bank cannot give the entire amount to the only person alive. It has to take into account the successors of the deceased person also (though the living person will get half the share and the remaining half share will be shared by the successors of the deceased person).
Nadeem Qureshi
(Expert) 21 June 2013
yes, the bank can do that if they have not received any objection from deceased's heirs.
Rajeev Kumar
(Expert) 21 June 2013
Yes, bank can do it if the legal heirs have no objection on withdrawal
Rajendra K Goyal
(Expert) 21 June 2013
Bank can not accept this succession certificate as one of the beneficiary has expired. Fresh succession certificate is to be got issued from the court with amended instructions.
Raj Kumar Makkad
(Expert) 22 June 2013
Bank should again demand a fresh succession certificate qua the share of the deceased person and the share of the suriviving member should be got released meanwhile.
