can a HUF law overrule FD nomination

POSTED BY ainvest ON January 14, 2013 9:39 am COMMENTS (3)

I am planning to make FD on my mothers name and nominee as a myself for long term. Just want to know that can a law overrules the nomination made for that Fixed deposit by the person ? He did not state anything about that amount in his “Will”.

 

3 replies on this article “can a HUF law overrule FD nomination”

  1. Ankush says:

    Pls subscribe me to your email newsletters.

  2. Dear ainvest, are you asking to receive the money in the name of your own HUF, after the demise of your mother?

    Please clarify.

    Thanks

    Ashal

  3. A nominee is a person who is designated to receive money from a bank or financial institution in the event the account holder dies. Whether HUF or not nomination does not imply ownership of the money.

    If X wants the money to go to Y then X must explicitly mention this in his/her will. If this is mentioned then even if Z is the nominee, Z has to receive the money and give to Y if X dies.

    If nothing is mentioned in the will Y can contest in court and receive either the full amt or partial amt from Z as the court decides.

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