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Author Topic: Precedence set in an agreement  (Read 645 times)

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Offline jinx1234

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Precedence set in an agreement
« on: February 27, 2018, 03:24:43 PM »
Hi,

I am in a bit of dilemma. My husband and I invested in his cousin's company 3 years ago. Though it was money that we had sent to India, sitting in a joint account between my husband and his father, when the agreement was raised, it was between the cousin's company and my father in law & mother in law jointly. During the past 3 years, the monthly interest payments from this investment has been deposited either into my father in law's account, my mother in law's account or my account based on the instructions sent to the cousin by my husband.

Since November the interest payment has been going into a joint account between my father in law and me as well as some principle amount also has been paid back by the cousin. This was done since I needed to have access to the money when I was in India and the cousin was advised that the principle payment should be sent to the accounts of either of the people on the agreement.

In the past few months, relationship between my husband and his father has gone sour and now my father in law has sent a letter to the cousin saying that from now the interest payments and principle payment needs to be sent to an account that is solely in the name of my Father in law or my Mother in law, so that we don't have access to the money.

What I want to understand is this
In the past, prior to this letter being sent, the cousin has followed instructions provided by my husband and my father in law has had no issue. Therefore, if we were to verbally give him different instructions for sending the money, will he still be protected from a law suit from my father in law, because a precedent has been set where my father in law had no issues to him following our instructions and further more, this particular letter does not state that he shouldn't be taking orders from us?

Offline kalaskarkk

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Re: Precedence set in an agreement
« Reply #1 on: February 28, 2018, 01:32:30 AM »
Dear Madam,

Get issue a written communication or legal notice for depositing monthly interest either in your account or into your joint account with your husband. This will avoid future complications.
Regards:

Kishan Dutt Kalaskar
Retd Judge and Advocate
No.74, 1st Floor, “Disley”  House,
Malleswaram, Bengaluru-560003.
Mob: 9686971935, 080-23461189
kalaskarnetra@gmail.com
Call me for clarification

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