Succession act
Rajib Jha
(Querist) 13 March 2017
This query is : Resolved
What punishment if a nominee who is one of the legal heirs not distributes the money withdrawn as nominee of his deceased father's bank account,
Guest
(Expert) 13 March 2017
No punishment.
Ms.Usha Kapoor
(Expert) 14 March 2017
EXCEPT HIS SHARE AS A LEGAL HEIR THE NOMINEE IF HE DOESN'T DISTRIBUTE MONEY TO OTHER LEGAL HEIRS WILL attract IPC provisions of criminal Breach of trust and Theft under IPC because he was holding the money of FDs of his father as a trustee for other shareholder/legal heirs.
Arvind Singh Chauhan
(Expert) 14 March 2017
Thanks to Kappor Madam to enlighten me on this issue,that Nominee is only trustee.
Guest
(Expert) 14 March 2017
My opinion totally differs with the view that a nominee is only a trustee, as no Act so far seems to have described a nominee to be merely a trustee of the deceased and be made liable to distribute the assets of the deceased after claim, as a nominee. What I believe is that a nomination is a sort of a will for an individual asset made by its owner, instead of a consolidated single will for all the assets at any time.
A pertinent question arises, does any owner of an asset specify that his nomination be treated as appointment of a trustee and be kept open for the use of discretion by individuals, other than the owner, or even the court of law to get his assigned asset to a nominee distributed among his legal heirs after his/her death?
So, I am of the firm opinion that a nominee is the assigned owner, not a trustee, of the asset of the deceased owner as appointed by him at his voluntary sweet will and distribution of assets of the deceased would be just breach of trust of the deceased owner, which is supposed to have been posed on his nominee by him.
However, if someone thinks that a nominee is merely a trustee of the deceased, he may please like to quote provision of any Act of Law that prescribes so.
NO CITATION PLEASE, ONLY PROVISIONS OF SPECIFIC ACT IS PREFERRED.
Rajib Jha
(Querist) 14 March 2017
It was savings bank account.
Rajendra K Goyal
(Expert) 15 March 2017
Have other legal heirs claimed their share in writing?
Rajib Jha
(Querist) 16 March 2017
Yes,they are in court
Dr J C Vashista
(Expert) 16 March 2017
Well explained and advised by expert Sh. PS Dhingra, nominee is the rightful owner of the property devolved upon him and he can use it for his personal use.
However, any other LR of deceased may seek his share in such property by declaratory suit.
Guest
(Expert) 17 March 2017
Dear Dr. JC Vashista,
Thanks for appreciation.
Rajib Jha
(Querist) 18 March 2017
The other legal heirs served legal notice to the bank's and filed for succession certificate in court.
Rajib Jha
(Querist) 18 March 2017
Sir Vasistha,and Sir P S Dhingra thanks to both for boosting me. As the legal heirs are not ready to give me share in other non movable asset,I withdrawn the money from my deceased father's bank account as I was sole nominee of those accounts...
Guest
(Expert) 18 March 2017
I have given you the clue, now it is up to your own lawyer, with what perfection he presents your case.
Rajib Jha
(Querist) 18 March 2017
Thank u sir,I am also a law student.
Rajib Jha
(Querist) 22 March 2017
Dr.Vasistha you said that nominee is the rightful owner of the property devolved upon him by the deceased ,is there any specific act which supports your claim,
Rajib Jha
(Querist) 03 April 2017
Waiting for expert opinion supporting PS Dhingra and Dr.Vasistha
