Power of Nominee
ABCDEFGHIJKLMN
(Querist) 10 November 2009
This query is : Resolved
Expert Panelists,
In certain documents, it is advisable to nominate some one, as in case of death of main person, the nominee gets the dues from bank/institutes if it is bank/institute account. But does he become owner of the fund? Or is he simply a care taker for the legal heirs of the deceased .
(1)what about immovable property? Does the nominee get any rights? Or he is a care taker.
(2)What is the difference between Proxy and Nominee?
(3) Is it that Proxy is able to take decision on behalf of main person?
(4) Can Nominee take decision on behalf of Nominator
(5) Are nominee and POA(power of Atorney)holder have same rights?
Adv Archana Deshmukh
(Expert) 10 November 2009
Nominee does not become owner of the property. He receives the property on behalf of all the legal heirs and holds it in trust for them.
adv. rajeev ( rajoo )
(Expert) 10 November 2009
Nominee: person who is nominated especilly somone who is appointed in deal with financial matters on behlf of a person.
Nominee has to discharge his duties, he cannot claim any share if he is third person. If the nominee amongst the family members then he is entittle to his share only.
There wont be any nomninee facility for the inmmovable properties.
Proxy cannot take the decision on behalf of the main person, his duty is to only represent the main person.
Nominee cannot take any decision.
Nominee and PA holder entirely different.
Raj Kumar Makkad
(Expert) 10 November 2009
Nominee is authorized to receive the movable properties if he has duly been registered/has complied the relevant rules but he cannot inherit immovable properties at all. Proxy word is not found in the Transfer of Property Act hence has no right or comparison in the given matter. Nominee cannot use his mind whereas the POA has got full authority to use his mind and take independent decisions and his actions shall be treated as of owenr whereas in the matter of nomination, the nominee has to get/receive/provide as per set procedure and no chance to take independent decisions arise for him.
niranjan
(Expert) 10 November 2009
Learned Makkadsir has rightly explaine..
Sachin Bhatia
(Expert) 10 November 2009
agree with Mr. Raj opinion
