KVB Bank Safe custody Inventory of Articles without Nomination Survivorship from Download
KVB Bank Safe custody Inventory of Articles without Nomination Survivorship from Download
The key points of the Karur Vysya Bank inventory form for articles left in safe custody where there is no nomination or survivorship clause are organized around legal ownership verification, mandatory witness protocol, and asset distribution: [1, 2]
1. Target Claimants & Access Right
- Legal Heirs Only: In the absolute absence of a nominee or surviving joint holder, access and delivery of the safe custody articles are granted exclusively to the legal heirs or a person officially mandated by the legal heirs. [1, 3]
- No Automatic Discharge: Unlike cases with a nomination clause (where the nominee acts as a sole trustee), this form requires the involvement of all heirs to ensure the bank gets a valid legal discharge. [4, 5]
2. Strict Witness Requirements
- Verification Presence: The physical inventory of the items must be conducted in the presence of the legal heirs or their authorized mandate holder. [1, 2]
- Witness Signatures: The form requires the signatures, full names, and addresses of two independent witnesses (who confirm the safe opening and itemization of the locker contents). [3, 6]
3. Form Structure & Required Details
- Contextual Tracking: Tracks the specific Karur Vysya Bank branch details, name of the deceased depositor, and the exact date and receipt number of the original custody contract.
- Granular Table: Features a dedicated table tracking the serial number, a full description of the items, and any specific distinguishing or identifying marks. [1, 7]
4. Flexible Acknowledgement Modes
- Single Claimant Option: Includes a section for a single legal heir or mandate holder to acknowledge receipt of the articles and a copy of the inventory list.
- Joint Claimants Option: Includes a section where multiple legal heirs and surviving joint hirers must jointly sign to confirm receipt of the items, preventing unilateral claims. [1, 2]
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