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The Trustee Savings Banks Regulations 1972

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NOMINATIONS

Power to make nominations

11.—(1) Subject to the provisions of these Regulations, a depositor, being a person who has attained the age of 16 years, may nominate any person to receive any sum not exceeding £500 due to the depositor at his death otherwise than in respect of current account deposits, but a nominator may not have more than one nomination in force at any time.

(2) Every nomination shall be in writing, and may be in a form which may be provided by the trustees; it shall be signed by the nominator in the presence of a witness, and the signature of the nominator shall be attested by the witness.

(3) A nomination shall be of no effect unless it is sent to the trustees during the lifetime of the nominator.

(4) The receipt of a nomination shall be acknowledged by the trustees.

(5) The trustees may in their absolute discretion refuse to accept a nomination received by them, and, upon a notification of the refusal of the trustees to accept a nomination being sent to the nominator, the nomination shall be of no effect.

(6) Every nomination accepted by the trustees shall be registered by them in a book to be kept for the purpose.

(7) A nomination may relate to the whole of the deposits (other than current account deposits) standing in the name of a nominator, or to part only of such deposits.

(8) A nomination shall, subject to the provisions of these Regulations, be deemed to extend to all sums to which a nominator is entitled at the time of his death in respect of government stock or a savings bank annuity, unless the nominator in the nomination expressly excludes any of such sums from the operation of the nomination.

(9) A nomination may be in favour of one person or of several persons, and, in the latter case, may direct that specific sums shall be paid to one or more of the persons named in the nomination, or that the persons named in such nomination may take the property nominated in specified shares, or may give directions to both effects.

(10) A person who witnesses the signature of a nominator to a nomination shall not take any benefit under the nomination.

Revocation of nomination

12.—(1) A nomination shall be revoked—

(a)by the death of the nominee, or, where there is more than one nominee, of all the nominees, in the lifetime of the nominator;

(b)so far as relates to the interest thereunder of any nominee (being one of two or more nominees), by the death of that nominee in the lifetime of the nominator, unless the interest of the nominee is disposed of by the nomination;

(c)by the marriage of the nominator;

(d)by written notice of revocation given in accordance with this Regulation;

(e)by a subsequent nomination duly made in accordance with these Regulations by the same nominator;

but a nomination shall not be revoked by any will or by any events or means other than those specified in these Regulations.

(2) A notice of revocation for the purposes of this Regulation shall be signed by the nominator in the presence of a witness, who shall attest the signature of the nominator, and the notice shall be of no effect unless it is sent to the trustees during the lifetime of the nominator.

(3) The receipt of a notice of revocation shall be acknowledged by the trustees, and the notice shall be registered by the trustees in a book to be kept for that purpose in like manner as in the case of a nomination.

(4) Where the trustees have paid money to a nominee in ignorance of the fact that the nominator has married after making the nomination, the receipt of the nominee shall be a valid discharge to the trustees.

Effect of transfer on nomination

13.  In the event of the transfer of any deposits from a trustee savings bank to another trustee savings bank or to the National Savings Bank, or from the National Savings Bank to a trustee savings bank, any nomination in force in the bank from which the transfer is made shall cease to apply to the deposits so transferred.

Payment under nomination

14.—(1) Where on the death of a nominator the sums due to him or his estate by the trustees (otherwise than as current account deposits) do not exceed in the whole the sum of £500, and the trustees have no notice of the claim of any creditor of the nominator, the trustees shall, subject to the provisions of these Regulations as to death duties, pay the persons named in any nomination made by the nominator and in force at the time of his death in accordance with the directions of the nomination, and the receipt of any person so named shall be a good discharge to the trustees for the sum so paid, notwithstanding that he has not attained the age of 18 years, if he has attained the age of 16 years.

(2) Where on the death of a nominator the sums due to him or his estate by the trustees (otherwise than as current account deposits) exceed £500, any nomination made by such nominator shall take effect, subject to the provisions of these Regulations as to death duties, as regards any sums not exceeding in the aggregate £500 to which the nomination relates, in like manner as if it were a will of the nominator duly executed, but shall not take effect in any other manner, and a nomination shall not in such case be deemed void because the nominator was a minor at the time such nomination was made.

(3) In any such case as is mentioned in paragraph (2) above, the trustees may, if they have no notice of the claim of any creditor of the nominator, and subject to the provisions of this Regulation, pay any sums not exceeding in the aggregate £500 to which the nomination relates in accordance with the directions of the nomination, notwithstanding the production of probate of the will of the nominator or letters of administration to his estate.

(4) Where on the death of a nominator the trustees have notice of a claim of any creditor against the estate of the nominator, and the estate, apart from the amount nominated, appears to be insufficient to satisfy the claim, the trustees may in their discretion apply the amount nominated in or towards the satisfaction of the claim; but, subject as aforesaid, any payment made by the trustees to the nominee, whether the amount due to the nominator at his death does or does not exceed £500, shall be a valid payment.

(5) Where any person nominated to receive any sum on the death of a nominator is a minor under the age of 16 years, and it is proved to the satisfaction of the trustees that funds are urgently needed for his maintenance, education, or benefit, the trustees may pay the sum mentioned in the nomination, or any part thereof, to any person who may satisfy the trustees that he will apply such money for the benefit of the minor, and the receipt of such person shall be a good discharge to the trustees for the amount so paid.

(6) Where a nominee dies after the death of the nominator but before any sum has been paid to him as nominee, the provisions of these Regulations shall, subject to the provisions of paragraph (4) of this Regulation, apply to the nominee and to the sum payable to him as nominee as if at the date of his death the deceased nominee were a depositor in the trustee savings bank and the said sum were deposited in his name in a trustee savings bank account.

Special provisions relating to existing nominations

15.—(1) Nothing in these Regulations shall invalidate or prejudice in any way any nomination made before 25th November 1929, being the date on which the Trustee Savings Banks Regulations 1929(1) came into operation, and any such nomination shall continue to be governed (subject nevertheless to the provisions of Regulations 13 and 14(6) above) by the Trustee Savings Banks Regulations 1900(2).

(2) Nothing in these Regulations shall invalidate or prejudice in any way any nomination made on or after 25th November 1929 and before 10th July 1956, being the date on which the Trustee Savings Banks (Amendment) Regulations 1956(3) came into operation, and any such nomination shall continue to be governed by the said Regulations of 1929 as originally made.

(1)

(Rev. XX, p. 584: 1929 p. 1282).

(2)

(1900, p. 795).

(3)

(1956 II, p. 2194).

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