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Death of the proprietor

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 October 2014 Sir, What if a Proprietor of a firm having a CC Limit with the bank Dies. And Later the Legal Heirs want to convert the proprietorship into HUF of the proprietor died. Do we need to make the documents again in the name of HUF. As the HUF is in the name of the Proprietor Died will it make sense to make documents again or shall we close the CC itself or there is no need for change in Documents??
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
02 October 2014 The bank will insist of re-documentation......

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