Legal Question in Banking Law in India
My mother, Proprietor of a firm having account in Canara Bank, She died on 01-12-2012. On 24-12-2012 my brother has taken NOC from 3 sisters under love and affection to continue the Proprietorship. Can bank continue the same account as proprietorship. Rita Delhi
Asked on 6/25/14, 3:06 am
2 Answers from Attorneys
Fca Prashant Chavan
Expert Edge LLP
25.06.2014
Dear Rita,
The Proprietorship concern ceases to exist with the demise of the Proprietor. No. The Bank cannot continue the same account which has to be closed as the proprietory concern no longer exists..
Regards,
Answered on 6/25/14, 3:09 am
J. Radhakrishnan
independent Practice
We agree with the opinion of Sri.Prashant Chavan
Answered on 6/25/14, 11:56 am
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