nominee mean

Querist : Anonymous (Querist) 03 August 2010 This query is : Resolved
My father and brother had bank deposits in thier name. both are dead now. they had made nominees. 2 daughters of my father and the wife of my brother are the survivors. question is whether only the nominee will get the money or all the surving legal heirs can claim. The deposits were made out of Joint family proceeds.
Thanking you in anticipation.

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mahendrakumar (Expert) 03 August 2010
Nomnee is only a trustee.

leagally all surviving legal heirs can claim

Daksh (Expert) 03 August 2010
Dear Anonymous,

I fully agree and concur with the viewpoint of Mr.Mahendra Kumar and would like to add that the legal heirs have to resort to procuring succession certificate from the competent court of law.

Best Regards

Daksh

s.subramanian (Expert) 03 August 2010
i concur with mahendra and daksh.

Parthasarathi Loganathan (Expert) 03 August 2010
Banks discharge their full liability only on payment to nominees. But the legal heirs are entitled to claim from the nominee.