The National Savings Bank Regulations 1972

Payment under nomination

37.—(1) On the death of a nominator, the Director of Savings shall pay to the nominee the amount due to him according to the directions of the nomination:

Provided that—

(a)if, on the death of a nominator, any nominee is under the age of sixteen years, the Director of Savings shall not make any payment to that nominee or transfer the sum nominated to him until he attains that age, but may, if it is shown to the satisfaction of the Director of Savings that it is expedient that the sum due to the nominee or any part thereof should by paid and applied for the maintenance or otherwise for the benefit of the nominee, pay the said sum or that part thereof to any person who satisfies the Director of Savings that he will apply it for such purposes as aforesaid;

(b)if the nominee is a mentally disordered person and there is no receiver, the Director of Savings may pay the sum nominated or any part thereof to any person undertaking to maintain such nominee;

(c)where it appears to the Director of Savings that the estate of the nominator, apart from the sum nominated, is insufficient to meet the funeral expenses or satisfy any claims of creditors of the nominator of which the Director of Savings has notice (including, in a case where the nominator was domiciled in Scotland, claims under the Succession (Scotland) Act 1964 and in respect of jus relicti, jus relictae or legitim), he may, if he thinks fit, apply the amount nominated or any part thereof in or towards payment of such funeral expenses, or in or towards satisfaction of the claim of any person in respect of such funeral expenses paid by that person or of the claims of any such creditors.

(2) Where a nominee dies after the death of the nominator but before any sum has been paid to him as nominee, the provisions of these Regulations shall apply to the nominee and the sum payable to him, as if at the date of his death the deceased nominee were a depositor in the National Savings Bank and the said sum were deposited in his name in a National Savings Bank account.

(3) Notwithstanding any rule of law to the contrary, any nominee to whom a payment may be made under this Regulation may sign a receipt therefore if he has attained the age of sixteen years, and the receipt shall be a valid receipt without the signature of any other person.