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The Trustee Savings Banks Regulations 1972

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DEATH OF DEPOSITOR

Proof of death

16.—(1) The trustees may require proof to their satisfaction of the death of a depositor.

(2) The trustees may accept as conclusive proof of the death of a depositor and of the date of the death of a depositor such statement or information as the trustees may in their absolute discretion think fit, and a statement or information to their satisfaction that a depositor has not been heard of for a period of seven years or more may be accepted by them as conclusive proof of the death of such depositor.

(3) Any payment which may be made under these Regulations in reliance on such statement or information as aforesaid shall be a good discharge to the trustees for the sum paid, notwithstanding that the depositor may be in fact alive at the time of such payment.

(4) In this Regulation the expression “depositorincludes any person beneficially interested at any time in the personal estate of a deceased depositor or who, in certain circumstances, would be or would have been beneficially interested at any time in the personal estate of a deceased depositor.

Law applicable on death of depositor

17.—(1) In the event of the death of a depositor, any payment under these Regulations made in accordance with the law of the place in which the depositor resided at the date of his death shall be a good discharge to the trustees for the sum so paid unless express notice in writing that the depositor was domiciled elsewhere shall have been received by the trustees prior to such payment, and for the purposes of this Regulation the trustees may accept as conclusive proof of the place of residence of a depositor at the date of his death such statement or information as they may in their absolute discretion think fit.

(2) In this Regulation the expression “depositorincludes any person beneficially interested at any time in the personal estate of a deceased depositor or who, in certain circumstances, would be or would have been beneficially interested at any time in the personal estate of a deceased depositor.

Payment without a grant of representation

18.—(1) Where the total amount due by the trustees of a trustee savings bank to a depositor at the time of his death does not exceed £500, exclusive of interest, and probate of his will is not, or letters of administration to his estate are not, produced to the trustees within such time as they think reasonable, if such depositor has made no nomination, or so far as any nomination does not extend, the trustees may, without requiring probate of the will or letters of administration to the estate of the depositor, in their discretion pay or distribute the amount so due or any part thereof to or among the following person or persons or any one or more of the following persons (exclusively of the others) who shall in the opinion of the trustees establish a valid claim to the said amount or any part thereof—

(a)a person entitled to take out probate of the will of the depositor or letters of administration to his estate;

(b)a person who has paid the funeral expenses of the depositor;

(c)a creditor of the depositor;

(d)a person who has a beneficial interest in the estate of the depositor;

(e)a person undertaking to maintain any person who by reason of any incapacity whatsoever (including minority) is unable to give the trustees a legal discharge for the moneys or for a share of the moneys of a deceased depositor due under this Regulation to the person who is unable to give a legal discharge as aforesaid;

(f)if the depositor was a British subject and his relatives reside outside the United Kingdom, the Isle of Man and the Channel Islands, such officer or authority as shall appear to the trustees to be suitable to dispose of the amount due in accordance with the appropriate law;

(g)if the depositor was a seaman of a foreign country, being a country with which a treaty has been made in respect of the payment of moneys due to seamen, the consular authority of that country;

(h)if the depositor was a foreign subject, not being a seaman to whom the provisions of sub-paragraph (g) above apply, the consular authority of the country to which the depositor belonged, or such other consular authority as may appear to the trustees to be appropriate, on such assurance as to the ultimate disposition of the amount due as is satisfactory to the trustees;

(i)in a case where the estate of the depositor appears to have devolved upon the Crown, the Duchy of Lancaster or the Duchy of Cornwall, the Treasury Solicitor, the Solicitor to the Duchy of Lancaster, or the Solicitor to the Duchy of Cornwall, as the case requires.

(2) The receipt of any person to whom payment may be made under this Regulation or under Regulation 14(6) above shall be a good discharge to the trustees for the sum paid, and any such receipt may be signed by any such person who has attained the age of 16 years, notwithstanding that he has not attained the age of 18 years.

Death duties

19.—(1) Where on the death of a depositor the aggregate value of the specified assets (hereinafter defined) exceeds £3,000, the trustees shall, before making any payment or transfer of a sum standing to the credit of such depositor either alone or jointly with any other depositor whose name was added to the account at the request of the deceased depositor (not being a sum in respect of which it is shown to the satisfaction of the trustees that the deceased depositor had no interest therein otherwise than as a trustee), require the production of a statement from the Commissioners of Inland Revenue to the effect either that no death duties are payable in respect of that sum or that any death duties so payable have been paid:

Provided that the production of such a statement shall not be required—

(a)where the payment or transfer is made to or as directed by the legal personal representative of the deceased depositor, or

(b)where the deceased depositor was at the time of his death domiciled in Northern Ireland, the Isle of Man or the Channel Islands.

(2) In this Regulation the expression “the specified assets” means the following assets (not being assets in respect of which it is shown to the satisfaction of the trustees that the deceased depositor had no interest therein otherwise than as a trustee):—

(a)the total amount (including interest) which, at the date of the death of the depositor, stands to the credit of all accounts in the trustee savings bank in his name alone or in his name jointly with any other person,

(b)all stock and securities registered in the name of the deceased depositor alone or in his name and the name of any other person as joint holders on the portion of the National Savings Stock Register kept by the trustees of the trustee savings bank, and

(c)the total amount (including any bonus or interest) which would have been repayable (if repayment had been demanded) at the date of the death of the depositor in respect of all savings contracts entered into by him and registered by the trustees of the trustee savings bank under a contractual savings scheme certified by the Treasury in accordance with section 415(2) of the Income and Corporation Taxes Act 1970.

(3) For the purposes of this Regulation, the value of the stock and securities referred to in paragraph (2)(b) above shall be—

(a)in the case of Defence Bonds, National Development Bonds, British Savings Bonds and any other securities which can be held only on the National Savings Stock Register, the nominal capital amount thereof; and

(b)in all other cases, the market value thereof at the date of the death of the depositor.

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