Of late there are many judgments saying that a nominee is not absolute owner of the property to which he was nominated. Nomination facility is there under various Acts covering life insurance, bank deposits, company shares, co-operative society flats etc.
One of my relatives is owner of a co-operative society flat in Mumbai. He acquired the flat as nominee of his father, who died in 1962 or thereabout. In 1962 there was neither stamp duty nor registration for transfer of co-operative society flats. The record of ownership of flats was solely in the books of the Society and in the share certificate related to the flat. The identity of the flat is not given in the share certificate. My questions are as below:
-
Was probate necessary as a flat was not considered an immovable property?
-
Will the owner of the flat as in the books of the Society, be entitled to ownership due to adverse possession for more than 12 years under the Limitation Act, 1963?