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Author Topic: Do bank seek consent of legal heirs before handing over money to nominee  (Read 1205 times)

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Offline kashvi

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my query is If a person deposits money in a bank and nominates someone other than the legal heirs without the knowledge of the latter, will the bank or post office ask for their consent before handing over the money to the nominee?

Offline advgaurav.sharma

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Re: Do bank seek consent of legal heirs before handing over money to nominee
« Reply #1 on: November 13, 2013, 02:33:21 AM »
See a nominee is only the custodian of of the deceased depositor's money, he is thus liable to distribute the money among st the legal heir as accordance to the law
Advocate Gaurav is a specialist in Trademark laws

Offline advamrita

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Re: Do bank seek consent of legal heirs before handing over money to nominee
« Reply #2 on: November 13, 2013, 02:39:55 AM »
Yes advgaurav.sharma is rights that is why the consent of the legal heirs are not sought by banks before disbursing the money.

You should also know that if the nominee misuses the position, he may be held liable for  breach of trust and misappropriation of property.

 

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