Memorandum Recording Family Settlement
THIS
MEMORANDUM RECORDING ORAL FAMILY SETTLEMENT is made at _________ this ________
day of ____________ between Shri ____________ an Indian inhabitant residing at
__________ _________ _________ (hereinafter called "the Party of the
First Part") of the FIRST PART, Shri ______________, an Indian
inhabitant residing at _____________ _____________ (hereinafter called
"the Party of the Second Part") of the SECOND PART and Shri
_________, also an Indian inhabitant residing at
____________________________________ (hereinafter called "the Party of the
Third Part") of the THIRD PART.
and
reference to the parties hereto shall, unless repugnant to the context or
meaning thereof mean and include their respective successors and assigns.
WHEREAS:-
1. The parties hereto
are related to each other, the party of the first part being the ____________
of the party of the Second Part etc;
2. Serious disputes and
differences have arisen between the parties hereto, relating to ___________,
and which have disrupted the peace and harmony of the family and affected the
business and family relations and threatened to resort to litigation;
3. With the object of
resolving the aforesaid disputes arising out of the conflicting claims made by
the parties hereto as stated above and for effectuating a permanent solution of
all the outstanding disputes once and for settlement was arrived at for
ensuring family peace and harmony after considering what was best in the
interest of the parties and in expectation that the settlement would result in
achieving amity and goodwill among the Parties and it was agreed that the
parties and it was agreed that the settlement arrived at would be final and
binding upon all the parties hereto and avoid any further disputes and or
differences amongst the parties hereto.
4. The parties hereto,
have come to a settlement after the aforesaid discussion with the help of
mutual friends to resolve the disputes and differences, and a memorandum of
settlement with certain terms and conditions was drawn with a view to avoid any
future disputes and or differences amongst the parties hereto and that this
memorandum has been entered into to record the said terms and conditions of the
Family Settlement already agreed upon by the parties hereto.
NOW
THEREFORE THIS MEMORANDUM OF FAMILY SETTLEMENT WITNESSETH THE SAID TERMS AND
CONDITIONS AS FOLLOWS:
1. In pursuance of the
said agreement and in consideration of the premises, the parties hereto agree
that the Party of the Third Part shall apply to the Court for grant of letters
of administration with the will annexed of the estate of the late ___________,
the deceased.
2. Without prejudice to
their right to get their shares in the estate of the deceased as hereinafter
fixed and agreed to by the parties hereto, the heirs shall give their letters
of consent to the Party of the Third Part for obtaining the letters of
administration as aforesaid.
3. In consideration of
the premises, the Party of the Third Part shall immediately after the letters
of administration have been obtained grant, deliver and transfer one-third of
the said properties and assets (after setting apart a sum of Rs. ___________/-
for discharging the liabilities of the late _____________ and also to meet the
expenses for the grant of letters of administration in favour of the Party of
the Third Part.) to each of the said heirs and retain the remaining one-third
for himself.
4. An inventory of the
assets of the deceased and of the respective agreed values thereof, is listed
in Part I of the annexure B, hereto. A list of the debts due and owing by the
estate of the deceased is listed in Part II of the said Annexure B hereto. An
estimated sum of Rs______ has been taken into consideration and set apart by
the Parties in a separate Savings Bank Account no. with __________ Bank,
_____________ Branch, towards the expenses of obtaining the Probate / Letters
of Administration with the will annexed and the transfer / distribution of the
estate of the deceased in accordance herewith and the said sum shall be
utilized by the parties hereto, accordingly. In case of any deficit in meeting
the debts of the deceased and/ or the expenses of proving the Will and
distribution of the estate, the parties hereto, shall contribute equally to
such deficit.
5. After setting apart
sums to meet the debts of the deceased and the estimated expenses of
distribution of the estate, The assets allotted to the said the Party of the
First Part pursuant to the Family Settlement arrived at are more particularly
described in the First Schedule hereunder written. Similarly, The assets
allotted to the said the Party of the Second Part pursuant to the Family
Settlement arrived at are more particularly described in the Second Schedule
hereunder written. The assets allotted to the Party of the Third Part pursuant
to the Family Settlement arrived at are more particularly described in the
Third Schedule hereunder written.
6. All expenses of and
incidental to the grant of letters of administration as also of transfer of the
shares to the respective parties hereto shall come out of the estate of the
deceased.
7. It is expressly
agreed by and between the parties hereto that the heirs shall not claim any
rights under the said codicil and the Party of the Third Part shall not, after
obtaining the letters of administration with the will annexed, claim any rights
under the said will, save as hereinbefore provided.
8. The parties hereto
confirm and declare that all the disputes and differences between them are
settled and that none of the parties has any further or other claim or demand
of any nature whatsoever against the other or others of them.
9. The parties hereto
expressly agree and declare that they have arrived at this Family Arrangement
in order to put an end to existing and future disputes between the parties and
with a view to bring about amity and goodwill amongst them and with a view to
maintaining peace and bring about harmony in the family. The parties hereto
further agree and declare that the terms of the Memorandum of Family Settlement
arrived at between them and recorded herein are fair and bona fide and in the
interest of all the parties.
10. The parties hereto
shall sign and execute or cause to be signed and executed all such documents,
deeds, writing and/or instructions as may be necessary to give effect to the
Family Arrangement arrived at amongst the parties hereto. On ___________ and
which is recorded in this Memorandum of Family Arrangement-cum-Compromise.
Annexure
'A'
(Copy
to the Will)
Annexure
'B'
Part
I:List of assets of the deceased and estimated agreed values
Thereof.
The first schedule
hereinabove referred to
(The assets allotted to the said the
Party of the First Part)
Part
IV: List of Debts of the Deceased.
The
Second schedule hereinabove referred to
(The
assts allotted to the said the Party of the Second Part)
The
third schedule hereinabove referred to
(The
assets allotted to the said the Party of the Third Part)
IN
WITNESSES WHEREOF the parties hereto have hereunto set and subscribed their
respective hands the day and year first hereinabove written.
SIGNED
AND DELIVERED by }
the
Party of the First Part }
Shri..........................
}
in
the presence of ___________ }
SIGNED
AND DELIVERED by }
the
Party of the Second Part }
Shri..........................
}
in
the presence of ___________ }
SIGNED
AND DELIVERED by }
the
Party of the Third Part }
Shri.........................
}
in
the presence of ____________ }
