Rights of nominee in the chit fund

ss (Querist) 26 April 2019 This query is : Resolved
sir, When a nominee is mentioned in the chit fund investment, If the subscriber dies what are the rights of nominee. Is he the whole and sole right on the amount. let it be in payment or receipt

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Guest (Expert) 26 April 2019
Nominee is just a responsibility to legally distribute what he is authorized to get to the legal heirs of the deceased.

kavksatyanarayana (Expert) 26 April 2019
Dear sir, Yes. It is an authorisation to receipt the things of the deceased and also responsible to hand over to the legal heirs of the deceased.

Guest (Expert) 27 April 2019
If a real life problem, in what way you are affected by the nomination?

P. Venu (Expert) 27 April 2019
It appears that there are deeper facts. Please post the complete fats.

Dr J C Vashista (Expert) 28 April 2019
Incomplete facts can not lead to form a proper opinion, consult a local prudent lawyer with relevant documents for better appreciation, guidance and proceeding.

Sudhir Kumar, Advocate (Expert) 28 April 2019
nominee is not owner of deposits. he is only trustee.

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