Did you know in case of “Kubra Bibi” she had a joint account with her deceased father, however, after death of her father, the legal heirs (her siblings and mother) were not entitled to claim share in 50% of the deposit lying in the account on the ground that the account was being operated in terms of “either or survival” clause.
Held: While such clause has already been declared as unislamic in multiple cases by the Superior Courts, including this Court qua rights of legal heirs of deceased depositor, it has been further observed that the guidelines or stipulations contained in a Bank Account Opening Form are mere operating instructions and are meant to safeguard the banks in situations where one of the joint account holders dies and it does not come to the knowledge of the bank and/or any claim by the legal heirs of the deceased joint account holder is not intimated to the bank and the bank in good faith pays the amount, lying with it, to the surviving account holder(s). In such situation, the bank may be absolved from any liability keeping in view the facts of a particular case and the legal heirs of the deceased account holder can claim the recovery from the surviving joint account holders; however, it does not give unfettered power to the bank to unilaterally facilitate the surviving joint account holder (s) to withdraw all the money.
Civil Revision-350-19
MST KUBRA BIBI VS PUBLIC AT LARGE ETC
Mr. Justice Anwaar Hussain
27-09-2024
2024 LHC 4839
