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pratham (HR)     18 December 2012

Nominee

Hi,

My father died when the partition suit was pending..He has made my mother the nominee for all the FDs which is worth 80lakhs(ancestral income)..My mother wants to give all the money to her daughetrs(3 of them) and not to sons(me and my brother)..My brother has given a letter to banks saying that no transaction should be entertained until courts direction...Does the bank can transfer the FD money to my mothers account despite of this?what should we do to avoid the misappropriation of funds?Pls help us..



Learning

 5 Replies

Chetan Joshi (Advisory/Advocacy)     18 December 2012

Bring this point up in the next hearing, be prepared to prove that it is Income from ancestral property......The Bank should ideally not transfer the money, send a legal notice too...

 

 

 

Regards

Ajay kumar singh (Advocate)     18 December 2012

A nominee is not the owner of the property for which he/she has been nominated. The nominee can only withdraw the amount. She/he is bound to hand over the same to all those persons who are entitled to get it. Please mention the nature of the case which is pending. Then you will be able to get better reply.

pratham (HR)     19 December 2012

Partion suit of the ancestral proprty has been put by my sister...My sister along with my mother trying to cheat me and my brother..All the FD related stuff is with them and we do not know if it has been drawn or not..Can i approch the bank and get the details?

pratham (HR)     19 December 2012

The partition suit has been put by my elder sister.It is still pending in the court.She, along with my mother trying to cheat both of us.All the FD realted stuff is with them and we have no clue what has happened to all the money..

Does the bank provide the data of the FDs that was in my father's name if i go and ask them?

 

Thanks a lot 

Lawyer SALEEMA (Advocate Madras High Court & Legal Consultant Chennai Law in Law Firm. +91-9698884779)     19 June 2014

A nominee can only receive the money of a bank depositor who has died but the person cannot claim to be the absolute owner of the money lying in the account . As per the recent verdict of the Honourable Supreme Court, the money lying deposited in the account of the original depositor should be distributed among the claimants in accordance with the Succession Act of the respective community and the nominee cannot claim any absolute right over it.


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