Legal Question in Banking Law in India

wills+joint account+either or survivor account

if a person is having certain bank deposits in his name in the form of joint account or either or survivor account can the will of the first depositor overrule that and leave the money to some third person?


Asked on 7/20/08, 3:36 pm

2 Answers from Attorneys
Aniruddha Pawse Aniruddha.P.Pawse Advocates

Re: wills+joint account+either or survivor account

No the joint holder will remain the same.

Read more
Answered on 7/21/08, 2:03 am
J. Radhakrishnan independent Practice

Re: wills+joint account+either or survivor account

Assuming the depositor whose name appears first in the Deposit Receipt in the name of two or more persons,is the person who deposited the amount in his name and jointly with another or others on either or survivor or anyone or survivor basis, the deposit is payable to the nominee if a nomination is made. Even in the case of nomination, the first person who has really deposited the amount can dispose off the deposit by means of his will. The legatee under the will on the death of the testator has to get probate or succession certificate in his name impleading the other persons whose name or names appear on the deposit Receipt and or the nominee to claim the amount.

Read more
Answered on 7/21/08, 9:19 am


Related Questions & Answers

More Banking Law questions and answers in India