Legal Question in Banking Law in India
Practical cases...
1.In a salary bank account, Fixed Deposits, Mutual Funds, PF, Gratuity , Super annuation etc. � the applicant( Mr. Hegde Amit) has filled in a nomination in favour of �Nominee A & Nominee B�. He has a liability of Rs. 10 lac towards Bank of Maha.
2.Subsequently the applicant executes a registered a �Will� in favour of �Beneficiary C� & �Beneficiary D� for the above assets.
Query no. 1: The Applicant Mr. Amit expires after 0ne month of the Will. As per you , who will get the Assets? What is the Role of Nominees?
Query no. 2 : Who will be paying the Liability?
Query no. 3 : what would be the decision of the �financial institution� in absence of any Court Order?
Query no 4:- If matter goes to Court, what will court order?
3 Answers from Attorneys
1)The Will will prevail over Nomination as nominee is just a care taker.
2)The legal heir getting the assets will have to pay liability
3)Same as in 1 above
4)Same as in 1 above
fi will pay the nominee, if the matter goes to court, then fi will pay the benificiary..
nominees are just the trustee and as per will, C and D are the beneficiaries. even the liability would fall on the shoulders of the beneficiaries. no one can presume the court order without going through all the documents.
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