Transfer shares certificate & ownership
Theresa Margaret Dsouza
(Querist) 08 June 2015
This query is : Resolved
The said flat is owned by 'A' and he nominated his wife'B' and brother 'C'. The nomination is approved and registered by the society. Now the owner'A'passed away in 2010 and also the brother 'C' passed in 2014. Now we need to transfer the share certificate and ownership to wife 'B' and heirs of brother 'C' which is his wife 'D'. The manager of the society told us that it is too late for this transfer. Only wife 'B' can be a member and not owner. She also cannot will out this property nor can nominate the flat.
Question : Can 'B' and 'D' be joint owners and can their names be reflected in share certificate.
Kindly assist.
Kumar Doab
(Expert) 10 June 2015
The nomination in society is not a parallel route to succession.
Only an owner can nominate and create WILL.
The owner is deceased.
Only one nominated person is alive and as rightly pointed out by Manager B can only be a nominee-member.
If owner has not left any WILL then you may have to obtain ‘Letter of Administration’ or 'Succession Certificate' as applicable in your state/as per personal laws applicable to your community, from court of law.