N. S. Toor Solutions for Chapter: Banking Law and Practice, Exercise 25: TEST YOUR SELF

In a trust, one of the trustees who is singly authorised to operate the account has been declared insolvent. Your branch receives a cheque drawn by him for payment.

A trustee can raise a loan against the mortgage of property of the trust if:

A club is maintaining current account which is operated by Secretary and Treasurer jointly. The treasurer dies and a cheque signed by him and Secretary is presented:

Mr Bishan Dass maintains two accounts with you, one his individual saving bank account and another a current as a trustee of a charitable trust. He has to go abroad and gives power of attorney in favour of his son:

Model Bank maintains a trust account with Z as trustee and Y as beneficiary Z wants to nominate X. What would you do as in charge of the concerned section:

Ramesh and Ashok are trustees of a trust and execute a power of attorney in favour of Tarun. Trust deed is silent regarding the delegation of power. Tarun comes to operate the account:

The Secretary of Seth Chanan Mal Public Trust, a reputed trust having 3 Trustees, has approached you to open a saving bank account in favour of the Trust. While going through the Trust Deed submitted along with the application you find that there is no provision for operation of the bank account. What would you do in the situation?

Your branch receives from the trustees of a trust, a resolution passed by the trustees resolving that the current account would be operated by two out the three trustees, as the 3rd trustee is proceeding abroad. The account is presently operated by all the three in terms of the trust deed.