Section 6   [ View Judgements ]

Recognition of title to Government security of a deceased holder


(1) In addition to the documents referred to in sub-sections (1) and (2) of section 7 of the Act, where a decree, order or direction passed by any court declaring the person as referred to therein, as having title to the Government security or appointing a receiver to take possession of the security is produced or a certificate issued or order passed by any other authority who might have been empowered under any statute to declare any person as having title to the Government security, is produced by a claimant for recognition of his title in respect of the security held by a deceased holder, the Bank, or, as the case may be, its agent may recognize his claim on the basis of any of such documents, subject to its satisfaction with respect to the legality, genuineness, and finality thereof, and of the fact that there is no rival claim in respect of such Government security.



(2) In addition to the documents referred to in sub-regulation (1), and subject to the provisions of sub-regulations (3) and (4), the Bank, or, as the case may be, its agent, on its satisfaction of the fact that there is no rival claim in respect of the Government security, may recognize the title of a person to a Government security on the basis of following documents, namely:-



(a) a "will" executed by the deceased holder of the Government security bequeathing thereby the security in favour of the person claiming title thereto, provided the probate issued in respect of such will has been submitted to the Bank by the claimant; or



(b) a registered deed of family settlement, wherein the Government security claimed has been included and given to the claimant; or



(c) a gift deed executed in accordance with the law relating thereto, in respect of the Government security claimed; or



(d) a deed of relinquishment executed by other legal heir or successor of the deceased in accordance with law in favour of the claimant in respect of the Government security claimed; or



(e) a decree passed by a foreign court in respect of the Government security claimed, the execution whereof is permissible in accordance with the provisions of section 44A of the Civil Procedure Code, 1908 (5 of 1908); or



(f) a deed of partition executed and acted upon in accordance with law, wherein the Government security claimed has been included and given to the share allotted to the claimant.



(3) While considering the recognition of title to the Government security, on the basis of any of the documents referred to in sub-regulations (1) and (2), the Bank, or, as the case may be, its agent may satisfy itself about the legality, genuineness, and finality of the referred documents and for that purpose may call for any other document or declaration, as it may consider necessary.



(4) Without prejudice to the provisions of this regulation, while recognizing title to the Government security, the Bank, or, as the case may be, its agent may, if it considers necessary, also require the claimant to furnish a bond of indemnity for such amount as it may think fit.

#LawyerServices #Section #Act #Law #Statute #IndianLaw #Kanoon