Upgrad LLM

regarding nominee


In a bank FD, Insurance, etc., related matters, we nominate a person as a nominee.

Does the nominee have the same rights as that of legal heirs?

Can nominee take the money which he was nominated too?  
 
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Lawyer 9830019661 Kolkata WB

Nominee is nothing but a mere custodian of that movable asset of the deceased and therefore  the Nominee doesn't have the same right as that of legal heir . The nominee is appointed, to ensure that the subject matter of the nomination is protected, until the legal heirs or legal representatives of the deceased take appropriate steps by applying the Succession Certificate in respect of the movable assets of that deceased person. Nowadays many Financial Institutions prior to disbursement of the sum following the Hon'ble Court's verdict ask the Nominee to submit Succession Certificate.


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subregistrar/supdt.(retired)

As per law, a nominee is a trustee, not the owner of the assets. a nominee is only a caretaker of your assets.

 
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Retired employee.

'Nominee" was brought into existence to get the claims from institutions settled immediately.  Before the enactment, it used to take years together to get a settlement from the Bank.  Now banks get protected and making payment to the nominee in due course absolves them from all responsibilities

In earlier threads, this has become a 'burning topic" as to whether nomination becomes a settlement like a will etc. and there were conflicting judgments. 

 
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Advocate

What are the facts? What is the context?

 
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Lawyer

Both are different concepts.

Nominee may or may not be LR / successor of the deceased .

 

 
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