Rajesh (engineer) 17 April 2012
Three peoples,Husband,Wife and Daughter forms a HUF and opens a HUF account in a bank by depositing 30 lakhs obtained by selling ancestors property.Karta will be the husband.
In the event of attachment of properties of Husband(Karta)or wife by the court(or personal insolvent situation) , what happens to the 30 lakhs in the HUF account.Will it be a part of the court decree/insolvent estates?
Assume HUF is staying in Karnataka state.
Thanks in advance
Ramesh
Adv.R.P.Chugh (Advocate/Legal Consultant (rpchughadvocatesupremecourt@hotmail.com)) 17 April 2012
In that situation the share attributable to Husband/Mother i.e 1/3rd would be attached if it's a personal decree. However if it's a decree against HUF - on say a business transaction default - entire property can be attached.
Tajobsindia (Senior Partner ) 17 April 2012
HUF is a creature of law. It cannot be "created" by act of parties, except in rare cases of adoption and re-union.
rajiv_lodha (zz) 17 April 2012
If one has HUF account with XXX assests in it. Now there is divorce case pending in court from Karta's side. Is it advisable to keep thses assests growing or withdraw maximum ammount out of it.
Assume no maint orders are against Karta till date
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