Legal Advice: Joint Account Woes
-
A sum of money was deposited into a Joint Account Fixed Deposit. The sum was given by person "C" to person "B."
To ensure that the money was not withdrawn until it was used for the purpose "C" intended, person "A" was called in to be part of a Joint Account holder with "B."
So the account would be under "A" annd "B"'s names. "B" now needs to access the sum to finance his/her education needs, and "A" does not wish to transfer the ownership of the sum soley to "B."
What options are there to compel "A" to transfer the ownership of the entire sum to "B"? "C" approves of this transaction, but is unable to persuade "A".
-
HUH? so many letters i see until i blur.
-
same.. see till blur..
-
is there a prior underlying agreement between 'A' and 'B' or 'A' and 'C' before the account was opened? Such agreement can be in a form of MOU.
Check with the bank if any of the names in the account is dormant, i.e. only one signature suffice to withdraw the money.
Why in the first place A was called in if he wouldn't comply eventually.
If none of the above condition is favorable, you might need to settle in court and the testimony from 'C' is important together with the proof of transfer. Meanwhile, check with 'C' bank if the transfer can be reversed, giving reason that there was an error in providing the account details.