RAM CHANDER TALWAR Vs. DEVENDER KUMAR TALWAR

JUDGEMENT

(1.) Hard counsel appearing for the appellants.

(2.) Appellant No. 1, who was the nominee in the bank account held by his deceased mother claims full rights over the money lying in the account, to the exclusion of the respondent who is none else than his full brother. The claim is based on Section 45ZA of the Banking Regulation Act, which according to him, makes the noninee of the depositor the sols beneficiary vested with all the rights of sole depositor.

(3.) Mr. Swetank Shantanu, counsel appearing for the appellants, strenuously argued that by virtue of Sub-section 2 of Section 45ZA, the nominee of the depositor, after the death of the depositor acquires all his/her rights to the express exclusion of all other persons and, therefore, the respondent can not lay any claim to the money in the account or in regard to the articles that might be lying in the bank locker held by their deceased mother.