A bank maintains the following accounts: Individual account of Anil with a balance of ₹10,000. A joint account of Anil and Bimal with a balance of ₹20,000. An individual account of Chandan with a balance of ₹1,25,000. An
CS Professional · Banking - Law and Practice · PYQS · December 2014
A bank maintains the following accounts: Individual account of Anil with a balance of ₹10,000. A joint account of Anil and Bimal with a balance of ₹20,000. An individual account of Chandan with a balance of ₹1,25,000. An account of a partnership firm where Anil, Bimal and Chandan are partners with a balance of ₹50,000. A loan account of Anil with a debit balance of ₹45,000. The bank has recalled the same as a result of non-payment of interest and installments. The bank has received the following orders: A Court order is received to attach the property of Anil for ₹1.50 lakh. An order from income-tax department to attach the assets of the partnership firm for ₹1,70,000. Explain how the bank will appropriate the amounts in the various accounts.
Topics: Banker's Right of Set-off and Appropriation
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