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I wish to know if withdrawal of funds from a joint account (held between grandfather -grandson) where the grandfather dies,and grandson withdraws money, can children of the now deceased grandfather, sue the grandson and start criminal proceedings. Mode of operation of bank account is either/survivor . Further, the now deceased grandfather has also left a Will behind.
10th October 2008 From India , Mumbai
This will not constitute a bank fraud since the account was E or S. Check whether the grandson has intimated the Bank about the death and furnished the death certificate to the bank. What is the content of the will left behind. Is there any reference about this particular account and modality of distribution of the balance lying in the said account
1st March 2010 From India , Mumbai
With respect to Joint Accounts, any of the joint account holders can manage the transaction either by survivor or severally.
It all depends on the condition put by the bank while opening the Joint Account.
First , try to show, the violations of law and then think of initiating either a civil or criminal proceeding .
3rd May 2011 From India , Bangalore
The account itself is styled 'Either or survivor' .You can unfer the meaning.No fraud.
12th April 2013 From India, Chennai
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