The Legal Status of Shares as the Object of a Domestic Nominee Agreement in the Distribution of Inheritance and the Notary's Responsibility in Issuing a Deed of Inheritance Rights
DOI:
https://doi.org/10.38035/jlph.v6i6.3953Keywords:
Domestic Nominee Agreement, Shares, Inheritance, Notary Liability, Beneficial OwnerAbstract
Domestic nominee (borrowed-name) share arrangements between Indonesian citizens are commonly used to conceal the real owner, protect assets, and simplify administration, yet they create legal uncertainty when the registered nominee dies. Article 33 of the Investment Law prohibits borrowed-name share arrangements by both domestic and foreign investors making a direct investment through a limited liability company, so the decisive question is one of statutory scope and the characteristics of the transaction rather than nationality; validity is tested under the Civil Code only for arrangements that fall outside that scope. The research gap is that existing studies focus on the validity of nominee agreements and beneficial ownership transparency, but rarely connect them with succession and the notary's responsibility. This study analyses two problems: the legal status of domestic nominee shares upon the nominee's death, and the extent of a notary's responsibility in issuing a deed of inheritance whose estate includes such shares. Using a normative juridical method with statutory, conceptual, and comparative (Indonesia-Singapore) approaches, the study finds that under Article 48 of the Company Law the registered nominee is the lawful owner, so the shares form part of the nominee's estate and pass to the nominee's heirs, while the beneficial owner holds no proprietary right but, at most, a personal claim that is void where the arrangement falls within Article 33 of the Investment Law or amounts to evasion of law, and that, where a valid out-of-scope arrangement exists, ranks as a debt of the estate settled before the heirs' indefeasible share. The notary, bound to formal truth, records the shares from the shareholder register and is liable only where procedural fault or complicity is proven. Unlike Indonesia, Singapore recognizes trusts and regulates nominee arrangements through disclosure, thereby protecting beneficial owners.
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