Fixed deposit - Jointly owned by husband and wife with 'either or survivor' clause Cannot be pledged with Bank by one account holder without consent of other - Bank also cannot set-off fixed deposit against any claim in respect of one account holder

Citation

AIR 2005 SUPREME COURT 29

SUPREME COURT 

(From: 2002 (3) CPJ 230)

 MRS. RUMA PAL, J. and ARUN KUMAR, J.

Civil Appeal No. 6945 of 2004, (arising out of S.L.P. (C) No. 15786 of 2000), D/-25-10-2004

Anumati v. Punjab National Bank

Banking Regulation Act (10 of 1949), S.45Z - Contract Act (9 of 1872), S.171 - Fixed deposit - Jointly owned by husband and wife with 'either or survivor' clause Cannot be pledged with Bank by one account holder without consent of other - Bank also cannot set-off fixed deposit against any claim in respect of one account holder. -