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in bank single ac holder locker registered with nominee. no change in nomine till loker holder death. after death of holder,his will present to bank for operate loker other than nomineee. here nominee or will ? as per demat and mitual fund nomimee have a rights .

Nominee in a Bank A/c or Bank Locker :

The duty of the nominee in above case, is to give the property to the Legal Heirs of the deceased persons.  By giving the property to the Nominee, the Banker completes his duty and responsibility.  Banker cannot be further questioned on that.

Nominee of a Shareholder in a Company : 

The position of the Nominee here is different.  After death of original shareholder, the Nominee requests the Company to transmit the shares in his name and submits all documents including death certificate.  The company transfers the shares to Nominee. The Company has no duty or responsibility to check how many legal heirs the deceased has got and who should receive how much, etc.

In first case, Nominee has to given the property to Legal Heirs, In Second case, Nominee will keep the shares for himself.

Waseem

cswaseem@yahoo.in

 

  
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