Deposit succession: guardian entitled to deceased minor's or unsound mind depositor's funds when no nominee exists. A new provision directs that, where a deposit belonged to a minor or a person of unsound mind who dies and there is no nominee immediately before the ... Summary
Deposit succession: guardian entitled to deceased minor's or unsound mind depositor's funds when no nominee exists.
A new provision directs that, where a deposit belonged to a minor or a person of unsound mind who dies and there is no nominee immediately before the Finance Act provision's commencement, the deposit shall be paid to the guardian; the amendment replaces prior payment wording with a requirement to follow a prescribed procedure, omits an alternative payee clause, and removes a former subsection governing other payment conditions.
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