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charles (na)     06 March 2014

Nomination

How does one define NOMINATION OR A NOMINEE in legal terms?

1.Can one nominate a friend as a nominee in the form required for nomination of flats registered under the Mah coop Soc. Act?

After the death of the flat owner, will the nominee be the owner after completing the required formalities for being registered as a society member?

2. Recently a bank disallowed a friend to be mentioned as a nominee in a fixed deposit account. Other banks did not have any comment and accepted. What is correct?

Thanks in advance for a reply



 4 Replies

Advocate Rohit (Advocate)     06 March 2014

a person can appoint anyone as his/her nominee for the flat/offices, investments and insurance policies. none of the agency, institutions have a right to reject the nominee name if the nominee is other than the blood relation, spouse.

 

Nominee is not the owner of the assets after the sudden demise of the owner of the Assets. nominee is mere a trustee of the assets and shall be responsible to divide the same as per law among all the legal heirs of the deceased.

 

Regards

Advocate Rohit Dalmia

9324538481

Mumbai

charles (na)     06 March 2014

Thank you Rohit for the prompt response.

On the second topic in my mail:

If a will has been made naming person A to inherit the flat after the death of the flat owner. And if the same person A is also mentioned in the nomination form submitted to the society. Then the heirs should not be comming into the picture as the will mentions that no movable or imovable assets to be given to any relative.

Would that not make person A 's position secure?

Kumar Doab (FIN)     06 March 2014

Nomination does not supersede succession.

If the property is self acquired then the owner may give it away to any one as he/she pleases and WILL in one of the mode he/she can choose.

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