Nominee of bond

Adv.Rajendra Kothari (Querist) 07 December 2011 This query is : Resolved
A hindu male died intestate.Huge amount deposited under FDR in a bank by showing name of a son as nominee,however he is having four sons and two daughtesrs.Whether nominee alone entitled to get amount of FDR? OR whether all the legal heirs can get the amount of FDR?

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Devajyoti Barman (Expert) 07 December 2011
Nominee is a mere trustee , not the titile holder.
So the Bank at the most would handover the FDRs to him after which he would be duty bound to distribute the said money among the legal hiers in equal shares.

Shailesh Kr. Shah (Expert) 07 December 2011
Yes, Nominee will have to distribute amount among all legal heirs.

prabhakar singh (Expert) 07 December 2011
That is true,nominee is trustee for heirs.

vinay vaidhya (Expert) 07 December 2011
all the family members has to sign a indemnify bond they only bank will release the amount

Raj Kumar Makkad (Expert) 08 December 2011
All legal heirs are equally entitled for the accumulations pending in the bank in either of the form. Any or all can make representation to such banker not to release that accumulation to the nominee until they all come to a settlement. Nominee can only withdraw but all are equally co-sharers.

Sivadas Chettur (Expert) 08 December 2011
The role and the legal position of the nominee has been settled by the apex court. As rightly pointed out by the forum he holds the deposit in trust and on behalf of himself and other legal heirs as per the Hindu succession act 1956.

siva208@yahoo.com

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