Registered legal entity as nominee of chs flat Mumbai
2 weeks ago
Can a registered legal entity ex: Trust or NGO be registered as nominee by " TITLE HOLDER" in nomination form provided by chs., Mumbai. 2) Can the registeted legal entity sell the flat after " Title Holder's death on the basis of nomination form if there is no claiment of the flat as either class 1 or any other heirs.
A.Dear Client,
The nominee holds the property of the deceased owner in trust for the legal heirs. A nominee is only empowered to hold the property “in trust” for the real owners for dealings with the society. He has “no power, authority or title” to alienate the property to the exclusion of the other legal heirs of the deceased member. The nominee does not automatically become the owner of the assets but holds them in trust until the legal heirs can claim their rights. The nominee's role is essentially administrative, managing the assets until the legal process of succession is completed. Section 30(1) of the MCS Act provides a mandate to the society for the transfer of the share or interest of the deceased member to a person or persons nominated by the deceased member or, if no person has been nominated to such person as may appear to the committee to be the heir or legal representative of the deceased member. Provided, such nominee, heir or legal representative, as the case may be, is duly admitted as a member of the society. Rule 25 of the MCS Rules lays down the procedure for the transfer of the shares of the deceased member either in favour of the nominee or in favour of the heir or legal representatives of the deceased owner. In Shakti Yezdani & Another vs Jayanand Jayant Salgaonkar & Others matter, the Supreme Court recently reiterated that nomination is only for convenience and doesn't override the law on succession. As per Byelaws clause no.35, if the committee is not able to decide as to the person who is the heir/legal representative of the deceased member or the claimants do not agree, as to who should become the member of the Society, the committee shall call upon them to produce succession certificate from the Competent Court. If, however, there is no claimant, the shares and interest of the deceased member in the capital/property of the Society shall vest in the Society. Given the proposition of governing law of the Society, in the absence of any legal heirs of the deceased owner his or her property is not transferred in the name of the nominee but it is vested with the Society.
The nominee holds the property of the deceased owner in trust for the legal heirs. A nominee is only empowered to hold the property “in trust” for the real owners for dealings with the society. He has “no power, authority or title” to alienate the property to the exclusion of the other legal heirs of the deceased member. The nominee does not automatically become the owner of the assets but holds them in trust until the legal heirs can claim their rights. The nominee's role is essentially administrative, managing the assets until the legal process of succession is completed. Section 30(1) of the MCS Act provides a mandate to the society for the transfer of the share or interest of the deceased member to a person or persons nominated by the deceased member or, if no person has been nominated to such person as may appear to the committee to be the heir or legal representative of the deceased member. Provided, such nominee, heir or legal representative, as the case may be, is duly admitted as a member of the society. Rule 25 of the MCS Rules lays down the procedure for the transfer of the shares of the deceased member either in favour of the nominee or in favour of the heir or legal representatives of the deceased owner. In Shakti Yezdani & Another vs Jayanand Jayant Salgaonkar & Others matter, the Supreme Court recently reiterated that nomination is only for convenience and doesn't override the law on succession. As per Byelaws clause no.35, if the committee is not able to decide as to the person who is the heir/legal representative of the deceased member or the claimants do not agree, as to who should become the member of the Society, the committee shall call upon them to produce succession certificate from the Competent Court. If, however, there is no claimant, the shares and interest of the deceased member in the capital/property of the Society shall vest in the Society. Given the proposition of governing law of the Society, in the absence of any legal heirs of the deceased owner his or her property is not transferred in the name of the nominee but it is vested with the Society.
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A.Dear Client,
a registered legal entity has the right to hold the title of the property and sell them and must be passed on to the legal heirs and if there are none present it goes to the government escheat.
a registered legal entity has the right to hold the title of the property and sell them and must be passed on to the legal heirs and if there are none present it goes to the government escheat.
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A.Dear Sir,
Registered legal entity may be nominated but it cannot sell the property after the death of such title owner and it goes to the legal heirs of title owners unless the legal entity get Gift Deed etc from the title owner during his lifetime.
Registered legal entity may be nominated but it cannot sell the property after the death of such title owner and it goes to the legal heirs of title owners unless the legal entity get Gift Deed etc from the title owner during his lifetime.
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