expedient to reproduce the provisions of Section 45 of Indian Contract Act, 1872 and Section 45ZA of The Banking Law Regulation Act, 1949, which ... death of C, with the representatives of B and C jointly.
Section 45ZA of The Banking Law Regulation Act, 1949.
45ZA. Nomination for payment
respondent bank to nominate the present petitioner for the purpose of Section 45ZA of the Banking Regulation Act, 1949 (hereinafter referred ... learned counsel for the bank could not dispute the applicability of Section 45ZA of the Banking Regulation Act, 1949.
6. We had the occasion
money can be given to the petitioner only after maturity. Section 45ZA of the Banking Regulation Act, 1949 reads as following:--
"45ZA. Nomination ... varied or cancelled in the prescribed manner.
(3)to(4)......"
Section 45ZA clearly provides that where a deposit is held by a Banking Company
learned counsel for the petitioner has relied on the provisions of Section 45ZA of the Banking Regulation Act, 1949 (hereinafter referred
entitled to receive the money in the FDRs as per Section 45ZA of the Banking Regulation Act, 1949 (hereinafter referred ... appearing on behalf of private respondents and the State submit that Section 45ZA of the Banking Regulation Act cannot over rule the laws of succession
recognising the rights of the petitioner as nominee, in terms of Section 45ZA of the Banking Regulation Act, 1949.
5. In Cdr. Vineet Kumar Sharma ... Bank may honour the request of the petitioner in terms of Section 45ZA of the Banking Regulation Act, 1949, as expeditiously as possible, preferably within
wherein following observations have been made in Para No.5:-
"Section 45ZA(2) merely puts the nominee in the shoes of the depositor after ... succession. All the monies receivable by the nominee by virtue of Section 45ZA(2) would, therefore, form part of the estate of the deceased depositor
money.
5. In that fact, considering the statutory law contained in Section 45ZA of the Banking Regulation Act, 1949 and the precedential law noted
make nomination in favour of any person.
3. Section 45ZA of the Banking Regulation Act, 1949 being a provision to allow a nominee to receive
accordance with law and keeping in mind the provisions of Section 45ZA of the Banking Regulations Act, 1949, preferably within a period of four weeks
