N. S. Toor Solutions for Chapter: Banking Law and Practice, Exercise 29: TEST YOUR SELF

A and B are joint account holders with 'either & survivor' clause, for a fixed deposit. A approaches for sanction of loan against the deposit receipt but B refuses over telephone:

Your branch issues a term deposit in favour of Z & Y, but at a later stage the name of Y was deleted and X's name added, on the request of Z and Y. Now Z wants his name to be deleted and add the name of W, his son. How you would handle the request?

In a joint account payable to former or survivor, the nomination can be made, the name of another person can be added and an account can be closed by the former alone without consent of the survivor. 

In case of joint account, who can stop the payment:

In a joint account payable to either or survivor, an account can be closed and in case of FDR, discharge for a loan can be given by any of the account holders.

Mrs. and Mr. Rakesh Ahuja maintain a fixed deposit account with your office with an 'either-or survivor' operation. Mrs. Ahuja visits your office along with the FDR and requests for a loan against the FDR as the money is urgently needed because Mr. Ahuja is admitted to a hospital for some heart ailment. Then which of the following course of action/s would be adopted?

Your branch maintains a joint account of Mr. Kashmiri Lal and Mr. Punjab Singh operated as 'former or survivor' and they have nominated Mr. Mohd. Hussain. Mr. Kashimir Lal comes to the branch with a request that the nomination in favour of Mr. Mohd. Hussain should be changed as he has shifted to a neighboring country and his son should be appointed as a nominee:

A and B maintain a saving bank account as former or survivor. A requests bank to add the name of C. The bank: