My Grandmother recently expired on 27th July 2021, all her gold ornaments which were kept on debt by my late grandfather in Bank was released by clearing the loan amount by his elder son 20years back with all the receipts with him. I want to know legally who has primary right on them- Elder son ( as he cleared debt & got the Gold back ) or Her daughter's?
Your valuable jurisprudence on the matter is highly solicited.
Dear Mr Srinivas,
As far as moveable property is concerned, the ownership is with the person in whose possession they are presently. However, if any other person can prove that the ownership is his, the court can order handing over of the moveable property to the person who proved it. Gold is a moveable property.
You have stated in the query that elder son has paid the loan back and has all the receipts to prove that he paid the loan on gold and got them released. Now in such a scenario, it is the elder son who has a right on gold.
However, the heirs can mutually decide to divide the gold. However, the elder son will have to be compensated for the gold loan amount along with interest for 20 years.
Regards
Shubham Bhardwaj (Advocate)
District & Session Court, Chandigarh
Punjab & Haryana High Court, at Chandigarh
Disclaimer:- Opinion is only for guidance.
