Nomination
manoj
(Querist) 12 October 2011
This query is : Resolved
WE HAVE 2BROTHER 2 SISTER ONE BROTHER DIED AND HE ALREADY NOMINATION ONE SISTER ON FD AND BANK ACCOUNT IS ONE SISTER IS FULLY GET ALL BANK BAL AND FDS ETC CITE SOME JUDGMENT ADVANCE RULING ETC
Guest
(Expert) 12 October 2011
judgment/advance ruling for what purpose? The Bank's role is already over by acting upon the nomination.
Sailesh Kumar Shah
(Expert) 12 October 2011
1.She have no right on that money unless she is also legal heir.
2.She is trustee of that money.
3.Legal Heir of deceased have right on that money.
adv. rajeev ( rajoo )
(Expert) 12 October 2011
Nominees duty is only to distribute the deceased's amount to the legal heirs.
prabhakar singh
(Expert) 12 October 2011
A NOMINEE MAY OR MAY NOT HAVE RIGHT TO INHERIT PROPERTIES BUT HAS AUTHORITY TO COLLECT THE PROPERTIES AND DUTY BOUND IN LAW TO DISTRIBUTE THE SAME AMONG HEIRS OF DECEASED.
IF NOMINEE IS ALSO INHERITOR,THEN HE/SHE CAN RETAIN THE COLLECTED PROPERTIES TO THE EXTENT OF HIS SHARE.
NOTHING BEYOND STATED ABOVE ARE THE POWERS OF THE NOMINEE AND IN CASE OF ANY BREACH OF DUTY OTHERS ENTITLED CAN SUE HIM
EVEN BEFORE COLLECTION OF PROPERTIES BY A SUIT OF INJUNCTION AND AFTER COLLECTION FOR A REALIZATION.
Advocate M.Bhadra
(Expert) 12 October 2011
You are all should file a suit in Civil Court for Declaration and Injunction against that sister who is the nominee and withdrawn the entire amount.
Shonee Kapoor
(Expert) 12 October 2011
Nominee is just a custodian of the wealth.
The same would devolve as per succession act.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Raj Kumar Makkad
(Expert) 12 October 2011
Rules of distribution
The Succession Act contemplates only those relationships that arise from a lawful marriage. Where an intestate has left a widow and if he has left lineal descendants, that is, children and children's children, 1/3 of his property shall belong to the widow, and the remaining 2/3 shall go to the lineal descendants. If the intestate has no lineal descendants, but has left persons who are of kindred to him, ½ of his property shall belong to the widow and the other ½ shall go to those who are of kindred to him. If the intestate has left none who are of kindred to him, the whole of the property shall belong to the widow.
The phrase "lineal descendant" means a descendant born out of a lawful marriage. Thus a daughter's illegitimate son or a son's illegitimate daughter or other illegitimate issue cannot be said to be a lineal descendant. An illegitimate child is not a child within the meaning of the Act. Therefore such a child has no share in the property of the parents. But in Jane Antony v Siyath 2008 (4) KLT 1002 Kerala High Court recognised the right of illegitimate child under Indian Succession Act upholding the lower court verdict.
The term "kindred" means relations by blood through a lawful marriage. Therefore, relations by illegitimate birth are not recognised as kindred under the Act. Kindred does not include relation by affinity such as mother-in-law or step mother or stepfather. Thus, a stepfather or stepmother has no legal right of succession to the property of his or her stepchildren. The position is the same in the case of a father-in-law as well.
A husband has no right to inherit the property of a divorced wife. In case of a judicial separation under the Indian Divorce Act, 1869, the property of the wife would devolve upon her legal heirs as if her husband were dead.
A daughter-in-law has no right of succession to the estate of her intestate father-in-law.
Where the intestate has left a widow, and where there are no lineal descendants, the widow's share is one half of the estate of the intestate, as is provided under section 33(b).
Where an intestate has left no child, but only a grandchild or grandchildren and no other remote descendant, the property shall belong to the grandchild if only one grandchild is left by the intestate and if there are grandchildren, the property shall belong to the surviving grandchildren in equal shares. It means that in a situation contemplated under this section, the distribution is per capita and not stirpital.
ajay sethi
(Expert) 12 October 2011
one sister wont inherit all money lying in fixed deposit , bank account . a nominee is only a trustee .she holds money in trust for all legal heirs .
ajay sethi
(Expert) 12 October 2011
Banking Companies (Nomination) Rules 1985 permits banks to pay dues to nominees in the event of death of depositor(s) without asking for succession certificate or verifying claims of legal heirs. This simplifies settlement. Of course, as Trustee the nominee is accountable to legal heirs.
Nomination facility available for bank deposits, safe deposit lockers, safe custody articles.
There can be only one Nominee for a deposit account whether held singly or jointly.
ajay sethi
(Expert) 12 October 2011
If the nomination is not contested and subject to complete submission of documents as per the Bank's requirements, the nominee can claim the funds in the deposit accounts that he has been nominated on. However, in case of any contest or dispute, or another claimant approaching the Bank with any legal documentation, the court decision will be binding on the Bank.
malipeddi jaggarao
(Expert) 12 October 2011
I agree with the expert Ajay Sethi as far as role of the Bank is concerned and also that the nominee is only a trustee. So if the matter is not settled among the siblings, the alternative is to approach the court for the share in the property.
manoj
(Querist) 26 October 2011
KINDLY REF ANY CASE LAWS AND TIME LIMITATION FOR FILLING SUIT AGAIST THE NOMINEE SISTER
Guest
(Expert) 21 November 2011
Bank will not entertain any hiership claim in the wake of clear nomination. The matter rests to be settled amicably or through court of law. For the purpose of filing a suit, provisions of Hindu Succession Act are sufficient and would not need any case law.
