(1) Restriction on grant of certificates under this Part -Sec.370
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A succession certificate (hereinafter in this Part referred to
as certificate) shall not granted under this Part with respect to any debt or
security to which a right is required by Section 212 of Section 213 to be
established by letters of administration or probate:
Provided that nothing contained in this Section shall be deemed to prevent the
grant of a certificate to any person claiming to be entitled to the effects of
a deceased Indian Christian, or to any part thereof, will respect to any debt
or security, by reason that a right thereto can be established by letters of
administration under this Act.
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For the purposes of this Part, "security" means -
a. Any promissory note, debenture, stock or other security of the Central
Government or of a State Government;
b. Any bond, debenture, or annuity charged by Act of Parliament of the United
Kingdom on the revenues of India;
c. Any stock or debenture of, or share in, a company or other incorporated
institution;
d. Any debenture or other security for money issued by, or on behalf of, a
local authority;
e. Any other security which the State Government may, by notification in the
official Gazette, declare to be a security for the purposes of this Part.
Simplified Version
Succession Certificate means a certificate which is granted by court to a
person who is entitled to succeed to the property of a deceased person.
(1) Restriction on grant of certificates under this Part
-Sec.370
1. For succeeding to debt or security a succession
certificate will normally be issued except in cases where some restrictions
apply. In restricted cases a letter of administration from the
competent court is required.
A person issued a succession certificate for a property
also carries with him full responsibility and liability
of honouring any debt or security attached to that particular property.
2. For the purposes of this Part, "security" means -
a. Any promissory note, debenture, stock or other
security of the Central Government or of a State
Government;
b. Any bond, debenture, or annuity charged by Act of
Parliament of the United Kingdom on the
revenues of India;
c. Any stock or debenture of, or share in, a company or
other incorporated institution;
d. Any debenture or other security for money issued by, or
on behalf of, a local authority;
e. Any other security which the State Government may, by
notification in the official Gazette,
declare to be a security for
the purposes of this Part.
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