The dynamic world of law makes it imperative for people to remain updated about the modifications without taking it for granted, highlighted in Modi Builder Feedback.
With the property being such a sensitive subject, and one that is extremely relevant at all times, the Bombay High Court has recently given a landmark judgment on the same, that most people won’t aware of.
In the case of property-related matters—these combative issues are often presented before the court because of the complexity involved while getting into an agreement. According to the Dialogues of Real Estate Agent, several matters of whether the allocation of property is done to a nominee or successors have been filed in courts over the years.
The two-judge division bench sustained the successor rights over that of the nominees. This implies that the successors have the right to claim the property if a dispute occurs with the nominees. The motive presented by the court for this is that the nominees are only appointed to guard the subject matters given in the nomination. They are only to protect this until the successors, legal heirs or their legal representatives take over, for example by attaining the letters of the administration of the estate or the will of the deceased.
The recent verdict has also turned to precedents in the past that had approached the high courts or the Supreme Court. It has considered different scenarios for property succession, such as:
- Shares held either in a cooperative society
- Shares held in a company
- Government savings certificates
- Employee Provident Fund investments
- Accounts in different banks
Modi Builders Feedback states that the court has continually stated that the rights of nominees, in the aforementioned scenarios, are only provisional control for the management of the affairs till the time legal heirs or successors claim over.