The gradual transfer of securities under Central Depository participants is associated with two basic procedures for the settlement of an inheritance, depending on the status of the deceased’s account, i.e. whether the asset account in question is kept by a Central Depository participant or has not yet been transferred under a participant and is registered as an unclassified account (what is the difference between the accounts?). It is not possible to deal with an inheritance directly at the Central Depository. It is always necessary to contact one of the Central Depository participants.
1. The deceased’s account is maintained under a participant
The transferees will always settle the inheritance with the participant who kept the asset account of the deceased holder. The transferees may deal with the inheritance issue together or independently. The transferee must always have an asset account kept under a Central Depository participant; however, this does not have to be the same participant that has maintained the deceased’s account. For the purpose of the inheritance settlement, it is necessary to submit an original or a certified copy of the court decision.
2. The deceased’s account is registered as an unclassified account
The transferees may settle the inheritance through any participant which renders this service or a participant maintaining an account for the transferee. The transferees may deal with the inheritance issue together or independently. If the inheritance is settled for more beneficiaries, the participant will request the assistance of the Central Depository, which centralises the records of pending inheritances. For the purpose of the settlement of an inheritance, it is again necessary to submit an original or a certified copy of the court decision.