The Trustee Savings Banks Regulations 1972

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.