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2017 Supreme(Online)(KER) 26949
HIGH COURT OF KERALA
K VINOD CHANDRAN, J
MRS ANNIE MARCILY – Appellant
Versus
JOINT REGISTRAR OF CO-OPERATIVE SOCIETIES GENERAL – Respondent
WRIT PETITION (CIVIL) 7799/2017
The court reinforced the principle that family settlements are binding and should be honored in the distribution of assets.
Headnote:
Succession - Fixed Deposits - N/A - The court recognized the settlement reached by the parties regarding matured and unmatured fixed deposits, emphasizing equitable distribution in accordance with the agreement made among the family members.
Fact of the Case:
The petitioner, wife of the deceased, claimed fixed deposits in joint and sole name of her husband. A settlement was reached among the petitioner, the son, and four daughters, which the court accepted.
Finding of the Court:
The court acknowledged the memorandum of settlement and directed the bank to issue Demand Drafts for matured and unmatured fixed deposits in accordance with the agreed distribution within a specified timeframe.
Issues: Whether the fixed deposits should be distributed among the heirs according to the settlement reached by the parties.
Ratio Decidendi: The court affirmed the validity of the family settlement and mandated compliance by the bank with the terms agreed upon, prioritizing harmonious resolution over conflict.
Final Decision: The writ petition is disposed of in accordance with the settlement.
JUDGMENT
The petitioner is the wife of deceased M.P.
Marcily, who raised a claim over the Fixed Deposits; in the joint name of herself and her husband and in the sole name of her husband, wherein she was a nominee. The 3rd respondent is the son and there are also said to be four daughters, who are also entitled to their shares in the properties left behind by M.P. Marcily. A settlement has been entered into by the parties, ie. the petitioner, the 3rd respondent and also the four daughters, who appeared before the mediator. The Memorandum of Settlement has been arrived at between the parties. The same would form a part of this judgment.
2. There are Fixed Deposits, which are matured and remaining to be matured. For those deposits, which have not already matured, the Bank would issue separate Demand Drafts in the name of the persons, as agreed to in settlement, within two weeks from the date of maturity. For the Fixed Deposits wherein already the maturity date has expired, the Bank would compute the future interest as permissible by its rules and issue Demand Drafts within a period of two weeks from the date of receipt of a certified copy of this judgment. The charges for the Demand Drafts shall be deducted from the amounts due to the respective persons. The writ petition would stand disposed of. No costs.
