Legal Question in Banking Law in Pakistan
There is a fixed deposit hundred million in the joint names of husband and wife with either or survivor mandate. Wife has died and bank received a notice from the lawyer of one of her sons claiming that the entire deposit belonged to his mother and demanding his share in the deposit and asking the bank not to make any payment to his father. On the other hand bank have received arequest from huband as the survivor of the joint deposit, demanding its encashment in terms of the mandate. What the bank should do in this situation. Should the bank accept the request of husband as a survivorship rule.
Asked on 11/06/12, 11:01 am
1 Answer from Attorneys
no bank should wait for court determination upon suit filed by the either party or seek determiniation through inter pleader suit.
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Answered on 11/07/12, 4:34 am
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