(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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