Legal Question in Banking Law in Pakistan
What is Inheritance Certificate & which authority issues it? The actual issue is that some one had applied for Court's Succession Certificate for release of funds lying in his deceased's father bank account. The honorable Court after 4-months time period issued "Succession Certificate" empowering the petitioner to collect / withdraw money from the concerned bank. The Branch Manager has obtained Genuineness of Succession Certificate in writing from the Court concerned by writing letter to the Nazir of the Court. Now instead of releasing funds to the petitioner to whom Court had empowered to collect the amount (Rs.1.300(M)) from deceased's bank account, the Bank's higher management is advising the Branch Manager to obtain "INHERITANCE CERTIFICATE" from the petitioner. Please advise does it legitimate for the bank that although Court has issued SUCCESSION CERTIFICATE even then they are not releasing funds to the petitioner rather asking for INHERITANCE CERTIFICATE? Please advise what course of action can be taken by the petitioner against the bank for not releasing the funds as per court orders?
2 Answers from Attorneys
There are two kinds of certificates... legal heir certificate for immovable property and succession certificate for movable property. There is nothing like inheritance certificate.. If the bank demands that then a contempt petition can be filed against it.. Succession certificate is sufficient for releasing amount.. For more do consult me at [email protected]
Regards,
www.thepleaders.com
in fact , all the legal heirs are entitled to their respective share of inheritance and share of each legal heir will be issued respectively once you get it declared by the court of competent jurisdiction. there is certain information required from you to answer your question, contact me during 3 to 7 pm on my cell 0323 4638149
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