Nominee NEW Rules - Landmark Supreme Court Judgement | Nominee vs Legal heirs

Описание: Nominee NEW Rules- Landmark Supreme Court Judgement | Nominee vs. Legal Heirs

Who is a nominee in a bank account?
What does being nominated mean?

🟨 Supreme Court Judgement
Case title- Shakti Yezdani & Anr. v. Jayanand Jayant Salgaonkar & Ors.
Citation -2023 SCC OnLine SC 1679

🖇️ link-    • Nominee Right Ends ❌- NEW Supreme Court Ju...  

3:36- who is nominee?
4:42- list of heirs
6:22- nominee vs legal heirs
7:05- exception to the general rules of nominee
8:19- who will get the property?

In this video in this video legal expert Adv Papia (Decode The Law) will discussed about the new judgement of Hon'ble Supreme Court related to Nomination or nominee. Watch this video till end to know the essential elements and legal requirements. Nominee vs legal heirs. Understanding Nominee and Nominee Accounts. Nominate Definition & Meaning. What is a Nominee in a Bank

The Supreme Court judgment has finally put the debate to rest by holding that being a nominee in a share/securities does not entitle the person to inherit it by default. The Court also held that provisions relating to the nomination for shares of the company under Section 109A of the 1956 Act, Section 72 of the 2013 Act, and the relevant provisions in the Depositories Act, 1996 (“Depositories Act”), cannot override the rules of succession under the Indian Succession Act, 1925, or the personal laws of succession applicable to the deceased shareholder.

The Supreme Court has held that the nomination process under the Companies Act, 1956 (pari materia Companies Act, 2013) does not override succession laws.

🟨 Exception 1- Section 39 in The

Insurance Act, 1938 (Nomination by policyholder)
Exception 2- specific Will

• List of Heirs under Hindu Succession Act:-
Class 1 Heirs -
Sons
Daughters
Widow
Mother
Son of a pre-deceased son
Daughter of a pre-deceased son
Son of a pre-deceased daughter
Daughter of a pre-deceased daughter
Widow of a pre-deceased son
Son of a pre-deceased son of a pre-deceased son
Daughter of a pre-deceased son of a pre-deceased son
Widow of a pre-deceased son of a pre-deceased son
Son of a predeceased daughter of a predeceased daughter
Daughter of a deceased daughter of a predeceased daughter
Daughter of a predeceased son of a predeceased daughter
Daughter of a predeceased daughter of predeceased son

Class 2 Heirs -
Father
Sons daughter’s son
Sons daughter’s daughter
Brother
Sister
Daughters son’s son
Daughters son’s daughter
Daughters daughter’s son
Daughters Daughter’s daughter
Brothers son
Sisters son
Brothers daughter
Sisters daughter
Fathers father
Fathers mother
Fathers widow
Brothers widow
Fathers brother
Fathers sister
Mothers father
Mothers mother
Mothers brother
Mothers sister

Class III & IV -
Agnates & Cognates

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