Nomination and Will... Know the difference...
The Nomination & WILL, two important, but often misconstrued and misunderstood subjects. Let’s try to understand it in brief. Nomination : Recently, Hon'ble Apex court in the case of Shreya Vidyarthi V/s. Ashok Vidyarthi, AIR 2016 SC 139, has reiterated the legal position that : a) Nomination is just a trusteeship & it's not a 3rd mode of Succession. b) The Nominee does not become the owner of the property by virtue of Nomination. It does not take away rights of other legal heirs, may it be Society Share certificate or Bank Accounts or Shares. Recently the Bombay High Court also in the case of Jayanand Jayant Salgaonkar V/s. Jayashree Jayant Salgaonkar has held that a nominee of shares and securities of a company merely holds the securities in trust, and as a fiduciary on behalf of any claimants under the laws of succession. c) It relied on the celebrated judgment of Apex Court in the case of Sharbati Devi V/s. Smt. Usha Devi, 1984 AIR SC 346, wherein while de