The Claim against a beneficiary

Querist : Anonymous (Querist) 16 January 2010 This query is : Resolved
A grandchild is the beneficiary of a fixed deposit as he was appointed a nominee by the maternal grandmother. Can the claim of a maternal uncle against such a child with respect to the deposit as aforesaid be sustainable in law on the ground that he is a legal heir to the moveable assets of hius mother/ the maternal grandmother of the child? Please clarify.

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A V Vishal (Expert) 16 January 2010
Nomination is to facilitate disbursement of an amount to a authorised person on the death of the account holder. His legal status is that of a trustee and he holds the money but cannot claim right over it. The distribution of such money held by the trustee/nominee is regulated by the personal succession laws of the deceased. This position is affirmed by the SC.

B K Raghavendra Rao (Expert) 16 January 2010

Sri A. V. Vishal is perfectly correct. Nomination does not give right over the cash property. It is only to facilitate to whom the money is to be paid. Claimants may establish their rights over the said cash and have their share in it.

Guest (Expert) 19 January 2010
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