Indemnity bond - co-operative hsg soc.

In Joint Property when one of the Joint persons dies property automatically vest with the other joint member as survivor , there is no 50/50 , so the society is absolutely right in doing what they did

Dear Leslie Almeida

Thank you for your prompt reply.

My concern is as per the Co-operative Housing Society Model Bye laws, a Nominee is only in Trust of the share. Any legal heir/representative can come forward and claim their share. To avoid this, a society asks an Indemnity Bond from the Nominee, who is to get 100% membership, so that they are not liable in any way if and when any legal heir claims their right.

In this case the deceased Lady has 2 sons. The son who stayed with her is adamant and not furnishing the Indemnity Bond.

Kindly guide of the Society is right in asking for the Indemnity Bond, in light that the mother has another son, a legal heir. The Managing committe of 11 years where unaware of such legal stipules and erred in their judgement while transferring the membership to the son in entirety. Now if any legal heir files a case against the past Managing Committee, each such committee member can be personally be held responsible.

Please guide..

My Dear,

Pls understand when share is jointly held and one person dies automatically it vest with

the other joint holder, as he is the survivor, dont feel bad, i know your feeling that you do not have anything. Your Mother was wrong in make a nomination, this will not count in any court of Law

I agree Nomination is only a trustee however if you mother did  hold the flat alone in her name

then only nomination will come into play and if no will then sucession certificate from High court

I once again say since it is joint property your mother cannot make a nomination

the nomination should be jointly made. I hope i have clarified your doubt, I am not a Lawyer

But have great experience in property matters..