Challenge will stating nominee of D-mat account of deceased mother
23-May-2023 (In Wills / Trusts Law)
My parent died in 2009. She had a will, most of her estate was in real property and a D-mat acct. My brother and I were nominees to a real property in Mumbai. I was sole nominee for the D-mat account. My brother has filed a lawsuit in 2018 demanding 50% share of the D-mat acct. Is there a statute of limitation for such a claim? Does Companies Act 1996, section 109 apply to D-mat account? We are both citizens of USA.
If your parent made a will by which you are a sole nominee of D-mat account and furthermore no will made by your parents, then forthwith you file a probate of said Will, by filing a Testamentary Petition.
Though you are a citizen of USA, your parents estate is of Mumbai, Indis; so Indian Laws will be applied.
In short - your parents last wish about their independent property is in the form of Will, and hence if you would success in probate of Will, then demand of 50% shares of D-mat will be illegal and bad in the eyes of law
Though you are a citizen of USA, your parents estate is of Mumbai, Indis; so Indian Laws will be applied.
In short - your parents last wish about their independent property is in the form of Will, and hence if you would success in probate of Will, then demand of 50% shares of D-mat will be illegal and bad in the eyes of law
This is my response to you:
1. If your mother or father had made you the sole nominee for the D-mat account then you have nothing to worry;
2. Yes section 109 will be easily be applicable for you;
3. Most probably the limitation act does not apply in this case, since he is within the period of limitation;
4. But nonetheless even if he is not within the period of limitation he can condone the delay;
5. Rest assured, you have full rights over the demat account as you were made the nominee.
1. If your mother or father had made you the sole nominee for the D-mat account then you have nothing to worry;
2. Yes section 109 will be easily be applicable for you;
3. Most probably the limitation act does not apply in this case, since he is within the period of limitation;
4. But nonetheless even if he is not within the period of limitation he can condone the delay;
5. Rest assured, you have full rights over the demat account as you were made the nominee.
No, there is no limitation for such a claim and Companies Act does not not apply to Demat Account.
No, there is no limitation for such a claim and Companies Act does not not apply to Demat Account.
No, there is no limitation for such a claim and Companies Act does not not apply to Demat Account.
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