Legal Question in Banking Law in Pakistan
A husband and his wife were maintaining a joint bank account with mandate "EITHER OR SURVIVOR". The wife has died recently and the surviving account holder husband of deceased women asking the bank to allow him to continue operations in the said joint account. Since one of joint account holder had died therefore bank has advised the surviving account holder to withdraw the money from account and open a new account in his name but he is still insisting upon to continue joint account. Please what is the legal status of joint account after death of one account holder and as to how bank should proceed to meet all legal requirements.
1 Answer from Attorneys
Read your bank policy and state bank notifications in this respect.. Generally speaking what i know is that the bank can continue this account to be jointly operated.. However that is something which the other legal heirs of deceased can challenge.. For more do consult me at [email protected]
Regards,
www.thepleaders.com
Related Questions & Answers
-
A bank's account holder was maintaining saving account and having locker rented out... Asked 1/25/13, 1:35 am in Pakistan Banking Law
-
I want to share / discuss and obtain legal opinion on the hardships being faced by... Asked 1/24/13, 10:49 pm in Pakistan Banking Law
-
A legal heir of deceased bank account holder produced to the bank court's Succession... Asked 1/24/13, 10:37 pm in Pakistan Banking Law
-
A person had opened a minor bank account in the name of one of his son and he was... Asked 1/24/13, 10:30 pm in Pakistan Banking Law
-
What is employee right in banking? because now a days mostly banks in Pakistan... Asked 1/01/13, 3:48 am in Pakistan Banking Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
