Legal opinion regarding on MTDR (Fixed Deposit) for Tk. 20.00 lac on account of deceased Mr. X.

Mr. Z

Address….

Dear Sir,

RE:     Legal opinion regarding on MTDR (Fixed Deposit) for Tk. 20.00 lac on account of deceased  Mr. X.

We refer to your letter dated 26.04.2007 on the above subject matter.

We have perused all the documents sent to us with regards to the captioned subject. It appears that due to the death of Mr. X, his legal heirs became the owner of the legal estate of the deceased and as such are owner of the Mudaraba Term Deposit Receipt (MTDR) for Tk. 20.00 lac which presently stands at Tk. 59,53,340.67. The heirs of Late Mr. X are Directors of the Company 1(the “Borrower”) and the Borrower has liability with the Bank 1. In such situation the matter has been referred to us and we are requested to provide legal opinion whether the Bank can adjust the liability of Company 1 Limited by encashing the said MTDR.

OUR OPINION:

From the papers/document sent to us it appears that the Company 1availed loan from the Bank 1 and the heirs of Mr. X are simply the directors of the Borrower. Since the death of Mr. X, his legal heirs became the owner of the legal estate of the deceased and as such are owner of the Mudaraba Term Deposit Receipt (MTDR) for Tk. 20.00 lac which presently stands at Tk. 59,53,340.67. As the heirs of Mr. X are not the Borrower/debtor, Bank can not set-off money directly by encashing the said MTDR. However, it is advisable that the Bank may file Artha Rin Suit against the defaulters i.e. Borrower/guarantor(s)/mortgagor(s) and accordingly attach the said MTDR by filing an application restraining the heirs of Mr. X to withdraw the said amount.

Should you have any query, please do not hesitate to contact us.

Yours faithfully,

………………….

For: “The Lawyers & Jurists”

Disclaimer:

The information contains in this web-site is prepared for educational purpose. This site may be used by the students, faculties, independent learners and the learned advocates of all over the world. Researchers all over the world have the access to upload their writes up in this site. In consideration of the people’s participation in the Web Page, the individual, group, organization, business, spectator, or other, does hereby release and forever discharge the Lawyers & Jurists, and its officers, board, and employees, jointly and severally from any and all actions, causes of actions, claims and demands for, upon or by reason of any damage, loss or injury, which hereafter may be sustained by participating their work in the Web Page. This release extends and applies to, and also covers and includes, all unknown, unforeseen, unanticipated and unsuspected injuries, damages, loss and liability and the consequences thereof, as well as those now disclosed and known to exist.  The provisions of any state’s law providing substance that releases shall not extend to claims, demands, injuries, or damages which are known or unsuspected to exist at this time, to the person executing such release, are hereby expressly waived. However the Lawyers & Jurists makes no warranty expressed or implied or assumes any legal liability or responsibility for the accuracy, completeness or usefulness of any information, apparatus, product or process disclosed or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product process or service by trade name, trade mark, manufacturer or otherwise, does not necessarily constitute or imply its endorsement, recommendation or favouring by the Lawyers & Jurists. The views and opinions of the authors expressed in the Web site do not necessarily state or reflect those of the Lawyers & Jurists. Above all, if there is any complaint drop by any independent user to the admin for any contents of this site, the Lawyers & Jurists would remove this immediately from its site.