nomination & succession
Pankaj Mehta
(Querist) 10 July 2010
This query is : Resolved
A hindu family is consisting of three adult sons & a widow. head of the family died intested and left lot of investments in post office, banks, other companies through MIS, Rd, FDRs etc. and appointed one of his dear most son as nominee in all investments.
Now one member has filed petition for obtaining succession certificate in favor of all the living members, for declaring them as joint owner of all these investments.
in these circumstances, please advise elaborately whether nomination of one son will prevail/succeed over succession?? and what may be the legal consequnces? succession certificate in favor of all other members can be granted??
please cite some related judgements also
Y V Vishweshwar Rao
(Expert) 10 July 2010
Better to file a suit for Partition of the amounts and other proerties /Assets against all family members including Nominee - The Nominee is only custodian for all the legal heirs and succesors - ie. to avoidn sucession Certiifcates- Nominee is not the Exclussive owner of the FDR amounts .He is anwerabel to all other share holders and liable to pay due share to each share holder .
B K Raghavendra Rao
(Expert) 10 July 2010
A nominee is a trustee. He is required to hold the money with him as a safe fund and not spend it. All the successors are entitled to claim their share from this fund. Mere nomination does not give him right to become owner of the fund. After obtaining succession certificate, the fund need to be distributed among successors.
File suit for succession certificate and in accordance with the certificate get the amount distributed.
Chanchal Nag Chowdhury
(Expert) 10 July 2010
A nominee need not be a legal heir. The successors will have to proceed against the nominee for their shares.
Pankaj Mehta
(Querist) 10 July 2010
thanx to all for the valuable suggetions, but in this case over 5 lacs of amount is lying with postoffice through M.I.S. scheme and according to various rules of post office department only nominee is entitled for getting the matured amount
one more conflict, deceased father was living with his elder son since long and having affection with him, accordingly he was appointed as nominee with sweet will of deceased, in absence of regular partition suit, what defences can be taken on behalf of nominee.
