Is the nominee the rightful owner of money received from the bank or the legal heirs?
2 years ago
Think there are 4 brothers
Eldest one dead long back
2nd one alive
3rd one alive
4th one dead
4th one kept nominee as second brother for a bank account. And there's some money it
According to the rule, does the second brother have the right to keep all the money or should he divide the money with the third brother?
And what about the eldest brother's family
As he have already died long before
Is there any rule, that they should divide the money with his family also
Advocate Sinjari Bandyopadhyaya
Responded 2 years ago
A.If your mother is alive and your deceased fourth brother was bachelor,then your mother becomes his sole legal Successor of movable assets. However,if your parents are not alive,and your deceased fourth brother was bachelor, then his surviving siblings become his legal Successors of movable assets. If your deceased fourth brother was married and your mother is not alive,then his widow and child / children( if any) will be his legal successors.
As per the Rulings of the Apex Court of our Country,Nominee is the mere custodian of the movable assets of the deceased and will get the sum only in absence of Succession Certificate submitted by the Legal Successors .It is the Legal Successors of the deceased who are entitled to get the same by submitting Succession Certificate in this regard so if you are the legal successor,then it is necessary on your part to immediately give stop payment notice to that Bank against disbursement of the FD amount and file for Succession in respect of your deceased 4th brother.
As per the Rulings of the Apex Court of our Country,Nominee is the mere custodian of the movable assets of the deceased and will get the sum only in absence of Succession Certificate submitted by the Legal Successors .It is the Legal Successors of the deceased who are entitled to get the same by submitting Succession Certificate in this regard so if you are the legal successor,then it is necessary on your part to immediately give stop payment notice to that Bank against disbursement of the FD amount and file for Succession in respect of your deceased 4th brother.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
In any case a nominee can only receive the money but he/ she is not entitled to keep the amount. The legal heirs will receive the assets/ estate as per succession laws. Your brother who is the nominee is also the legal heir. At this stage, the laws of succession should apply according S. 8 and S.15 of the Hindu Personal law.
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In any case a nominee can only receive the money but he/ she is not entitled to keep the amount. The legal heirs will receive the assets/ estate as per succession laws. Your brother who is the nominee is also the legal heir. At this stage, the laws of succession should apply according S. 8 and S.15 of the Hindu Personal law.
If you find my answer helpful then kindly rate me.
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A.Hi,
Proceeds from FDs will go to the nominee and not to the legal heir of the deceased. However, the nominee gets the money only as a trustee. In case the legal heirs of the deceased claim the money, then the bank will not hold the money to be given to the nominee. therefore legal heirs will ultimately get the money.
If you find my answer helpful then kindly rate me.
Proceeds from FDs will go to the nominee and not to the legal heir of the deceased. However, the nominee gets the money only as a trustee. In case the legal heirs of the deceased claim the money, then the bank will not hold the money to be given to the nominee. therefore legal heirs will ultimately get the money.
If you find my answer helpful then kindly rate me.
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A.The Bank asks for nominee as it becomes easier for the bank to return the money on demise of the account holder without the intervention of the court or judicial process. But this does not mean that the nominee is the absolute legal owner of the money. It is the duty and responsibility of the nominee to distribute the money to all legal heirs the money received from the bank or else he will have to face a case in the court of law.
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