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1 - 10 of 28 (0.22 seconds)Section 191 in The Indian Succession Act, 1925 [Entire Act]
Shri Vishin N. Khanchandani & Anr vs Vidya Lachmandas Khanchandani & Anr on 16 August, 2000
17. As far as Section 45ZA of the Banking Regulation Act is concerned, the
above section indicate that the amount shall be paid to the nominee. It is also to
be noted that Section 45ZD makes it clear that when there is an Order or a
certificate or other authority from a Court obtained relating to such article is
produced before the bank, the bank shall take due note of such decree, Order,
certificate or other authority. Therefore, it cannot be said that even after the
succession certificate is granted by the competent Court is produced before the
bank, they cannot ignore the same merely on the basis of Section 45ZA of the
Banking Regulations Act. Even though 45ZA contained non obstante clause, the
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A.No.2468 of 2020 in O.P.953 of 2018
Apex Court in Vishin N. Khanchandani Vs. Vidya Lachamandas
Khanchandani reported in 2000 (6) SCC 724 in para 11 has categorically held
that though the over riding effect of non obstante clause to attract the applicability
of the phrase, the whole of the section, the scheme of the Act and the objects and
reasons for which such an enactment is made have to kept in mind, as the nominee
has to be treated as a trustee and he is entitled to receive the amount only and he
has to pay the amount to the persons who are entitled under law of succession.
Therefore, when the succession certificate already granted, the object of the Indian
Succession Act has to be given importance. Accordingly, the contention that only
the nominee alone as per section 45ZA of the Banking Regulations Act is entitled
to receive the money even after succession certificate is granted, cannot be
countenanced. Therefore, merely because a suit has been filed at a later point of
time at the instance of the nominee, despite the succession certificate has been
produced, the same has no relevance to decide this application. If at all the second
respondent in the event of succeeding in the suit in O.S.No.5683 of 2019, to
realise the amount, this Court is of the view that some security has to be offered by
the applicant herein. The learned counsel for the applicant Mr.Mohan submitted
that in C.S.No.899 of 2017 already 1/4th share of the applicant has been declared
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A.No.2468 of 2020 in O.P.953 of 2018
and preliminary decree is already passed and charge may be created in respect of
the above 1/4th share of the applicant towards the deposit amount till the
interpleader suit is decided.
Section 8 in The Indian Succession Act, 1925 [Entire Act]
The Indian Succession Act, 1925
Smt. Sarabati Devi & Anr vs Smt. Usha Devi on 6 December, 1983
In the judgment in Sarbati Devi and another Vs. Usha
Devi reported in 1984 (1) SCC 424, the Apex Court has held that mere
nomination made under section 39 of the Life Insurance Act does not have the
effect of conferring on the nominee any beneficial interest in the amount payable
under the life insurance policy on the death of the assured. The nominee cannot be
considered as equivalent to an heir or legatee.
V.S. Ekambaram, P.S. Raghupathy, S. ... vs The Appellate Authority Under The ... on 22 July, 2002
The Single Judge of this Court in S.Sampath Vs. the
Regional Manager, State Bank of India in W.P.No.26992 of 2017 has held that
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A.No.2468 of 2020 in O.P.953 of 2018
When there is nomination as per section 45ZA of Banking Regulation Act 1949,
the bank has to release the amount to the nominee and allowed the writ petition.
Rama Chakravarty vs Manager, Punjab National Bank And ... on 7 November, 1990
In the judgment in Rama Chakravarty Vs. Punjab National Bank
and others reported in 1991 (1) Cal. L.T. 324, the Calcutta High Court directed
the bank to release the amount on the basis of the deposit. These cases will not
help the respondent in any manner. Since in the above cases, the bank insisted for
succession certificate in favour of the nominee, in such situation, the Court held
that as long there is nomination, the bank is bound to release the amount to the
nominee under section 45ZA of the Banking Regulation Act.