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?


Asked on 9/05/12, 3:11 am

3 Answers from Attorneys
Aniruddha Pawse Aniruddha.P.Pawse Advocates

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

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Answered on 9/05/12, 3:32 am
Rajiv Chandhok Ph: +919810050896 https://www.linkedin.com/in/rajiv-chandok-0827b733/

fi will pay the nominee, if the matter goes to court, then fi will pay the benificiary..

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Answered on 9/05/12, 3:51 am
RAJIV GUPTA (Cell: +91 9811284735) lawnrajiv@gmail.com

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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Answered on 9/05/12, 4:20 am


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