\u00a0<\/p>\n
Appellant, who was the nominee in the bank account held by his deceased mother,\u00a0 was claiming full rights over the money in that account, to the exclusion\u00a0 of the Respondent, his full brother.<\/p>\n
Issue<\/p>\n
Whether the nominee in a bank account held by a deceased depositor is the owner of the money in the said account.<\/p>\n
\u00a0<\/p>\n
Section 45ZA(2) of the Banking Regulation Act 1949 puts the nominee in the shoes of the deceased depositor and gives him the exclusive right to receive the money in the account. It gives him all the rights of the depositor so far as the account is concerned. It does not\u00a0 make\u00a0 the\u00a0 nominee the owner of\u00a0 the\u00a0 money in the account. The money receivable by the nominee would form a part of the deceased\u2019s estate and devolve according to the rule of succession that governs the depositor.<\/p>\n
\u00a0<\/p>\n
High Courts order dismissing the Appellants claim was upheld and the appeal \u00a0was accordingly dismissed. (CA No. 1684 of 2004dt. 6-10-2010)<\/p>\n
\u00a0<\/p>\n
Editorial<\/em><\/strong>: Ratio helps clarify the rights of the nominee in relation to the bank account and the money lying in it. The principle however may not have universal application and has to be applied w.r.t the statutory provision under which the<\/p>\n \u00a0<\/p>\n | Allied Laws \u2013 22. Banking Regulation Act, 1949 |<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n nomination is made. In the case before the\u00a0 Supreme court decided under the\u00a0 WB CS Act, the court held that the nominee was the successor to the estate in question. (Also refer nomination by policy holder under Insurance Act, 1938, Shreya Vidyarthi v. AshokVidyarthi AIR 2016 SC 139\/MANU\/SC\/1465\/2015.<\/em><\/strong><\/p>\n \u201cPrayer is not asking. It is a longing of the soul.<\/em><\/p>\n It is daily admission of one\u2019s weakness. It is better in prayer to have a heart without words than words without\u00a0\u00a0 a heart.\u201d<\/em><\/p>\n – Mahatma Gandhi\u00a0<\/p>\n \u00a0<\/em><\/strong><\/p>\n \u00a0<\/p>\n","protected":false},"excerpt":{"rendered":" Banking Regulation Act,1949\n\n
\n \u00a0<\/td>\n<\/tr>\n \n \u00a0<\/td>\n \u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\nS.45ZA(2): Nomination for payment of depositor\u2019s money – Nominee rights – Bank Account \u2013 Rule of Succession – Death of Depositor- Nominee will have all the rights of the depositor, so far as the depositor’s account is concerned, however, does not make him owner of the money lying in said account – Distribution of money will depend on rules of succession governing the deceased. [Government Saving Certificates Act, 1961, S.6(1)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13152","post","type-post","status-publish","format-standard","hentry","category-allied-laws"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3q8","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13152","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=13152"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13152\/revisions"}],"predecessor-version":[{"id":13153,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13152\/revisions\/13153"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=13152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=13152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=13152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}