Taking all the money out of the joint account?
What happens when two people have a joint bank account and one of them decides to withdraw all the money? That’s one of the questions that the British Columbia Court of Appeal (“BCCA”) addressed in Zeligs v. Janes]. The case is a good case to read for those who want to better understand the law of joint tenancy, tenancy in common and joint bank accounts. For the purposes of this blog our focus is on just one question – when one joint tenant empties out the account, what are the rights of the other joint tenant? Let’s review the case and then discuss the BCCA’s conclusions on this point.
