Nominee to receive payment on behalf of legal heirs-Supereme Court
I would like to bring in to the kind notice of all members of the forum , A latest judgement by supereme court on the subject , in the case of
Kumar Chander Talwar verses Devinder kumar Talwar.
The Supereme Court held in this case,
“Section 45(2) merely put the nominee in the shoes of the depositor after his death and clothes him with the exclusive right to receive the money lying in the account, it gives him all the rights of the depositor so far as the depositor account is concerned. But it by no stretch of imagination makes the nominee the owner of the money lying in the account. It need be remembered that the Banking Regulation Act is enacted to consolidate and amend the law relating to banking. It is in no way concerned with the question of succession. All the monies receivable by the nominee by virtue of section 45 ZA(2) would , therefore , form part of the estate of the deceased depositor and devolve according to the rules of succession to which the depositor may be governed “
As such it is very clearly laid that the nominee receives the payment on behalf of all the legal heirs.
I may further advise that information regarding details of the amount paid to the nominee from the account of your father (deceased) be called from all the Financial Institutions clearly stating that you are the legal heir of the depositor and require the information for the purpose of succession certificate.