Mother has some amount as fixed deposit in bank and her younger son is the nominee. So, after mother's death, can the elder son get equal share of that fixed deposit as both are the legal heirs?
mrgop (Owner) 06 October 2011
Mother has some amount as fixed deposit in bank and her younger son is the nominee. So, after mother's death, can the elder son get equal share of that fixed deposit as both are the legal heirs?
Raj Kumar Makkad (Adv P & H High Court Chandigarh) 06 October 2011
There is no bar to have his legal share if such nominee is also a legal heir. Job of nominee and legal heir are entirely different so this son of deceased is fully entiled to inheri her share.
ajay sethi (lawyer) 06 October 2011
yes i agree . nominee is only a trustee . both sons are entitled for share in fixed deposit left behind by mother
narendra.s.p (Chief Manager(Law)) 07 October 2011
The Bank is discharged of its obligation if it pays to the nominee. A nominee need not be a legal heir. He cannot be a person in representative capacity such as director, trustee etc.,he should be an individual. However, nominee receiving the money is acting as a trustee for the legal heirs. Bank need not heed to any objections of any legal heirs unless a court order is obtined restraining the bank from paying the money to the nominee. The legal heirs can claim the money from the nominee without involving the Bank
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