Legal Question in Banking Law in Pakistan
A legal heir of deceased bank account holder produced to the bank court's Succession Certificate which empowered him to collect funds lying in his deceased father account. Please advise whether bank may raise objection on the provided Succession Certificate such as another minor's legal heir share in the deceased account has also been allowed to the petitioner. Further, in presence of Succession Certificate, whether bank can ask the petitioner to provide all the documents that were produced to the court during hearing of SMA or Succession Certificate is sufficient for the bank to release funds to the petitioner.
2 Answers from Attorneys
yes, indeed ,, bank can require the whole proceedings in the court.. as per my experience, UBL in Pakistan is following the same practice, it requires the attested copy of whole proceedings.
For the minor a Guardianship Certificate is also mandatory.. The share of minor cannot be utilized even by parents unless they are appointed guardians by the court of law.. For more do consult me at [email protected]
Regards,
www.thepleaders.com
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