1. #1
    Unregistered

    Do I need to change the bank statements to include this new name/status for my updated trust to buy a property to build a Cold storage Tank?

    I have updated my trust three in the Oriental bank of Commerce 3 months ago from a regular family trust to an irrevocable income only trust. I have not changed my bank statements to include this new name/status. I want to buy a property within the next three weeks to build up a Cold Storage Tank to help the local farmers. Should I need to hurry to get the name of the trust updated so that the new property will be in the properly named trust? Would this be a problem if I bought the property without updating the trust on my current bank statements?

  2. #2
    chanchal Array
    Join Date
    May 2013
    Posts
    355

    Re: Do I need to change the bank statements to include this new name/status for my updated trust to buy a property to build a Cold storage Tank?

    Quote Originally Posted by Unregistered View Post
    I have updated my trust three in the Oriental bank of Commerce 3 months ago from a regular family trust to an irrevocable income only trust. I have not changed my bank statements to include this new name/status. I want to buy a property within the next three weeks to build up a Cold Storage Tank to help the local farmers. Should I need to hurry to get the name of the trust updated so that the new property will be in the properly named trust? Would this be a problem if I bought the property without updating the trust on my current bank statements?
    Hello Aspirant,

    It seems necessary to update your trust account in order to buy any asset in order to avoid any legal procedure.It is nothing wrong in furnishing the correct bank account in order to be mentally free.In case you furnish any wrong statement,you may be liable for any penalty or punishment.

    So it is always wise to furnish update statement of the bank account in order to meet the requirement pertaining to the concerned matter.

    Thanks.

+ Reply to Thread

Similar Threads

  1. Can we raise a request to change the Bank for the salary account?
    By Unregistered in forum Professional Discussions
    Replies: 3
    Last Post: 13-08-2013, 06:09 PM
  2. Replies: 20
    Last Post: 09-06-2013, 12:18 PM
  3. How enquire MRF company for the job status? Format of status request letter?
    By Unregistered in forum Professional Discussions
    Replies: 1
    Last Post: 29-09-2012, 09:02 PM