Supreme Court · 2004 INSC 616 · Decided 25 October 2004
Anumati v. Punjab National Bank
- Court
- Supreme Court of India
- Citation
- 2004 INSC 616 · [2004] SUPP. 5 S.C.R. 610
- Case number
- CIVIL APPEAL No. 6945/2004
- Decided
- 25 October 2004
- Bench
- RUMA PAL, ARUN KUMAR (2-judge bench)
- Outcome
- Leave Granted & Allowed
- Case type
- Civil
Headnote
Banking : Fixed deposit-Jointly owned with an 'either or survivor' clause- C Pledge by one of them to bank for a loan-Adjustment by bank against that loan_:..correctness of-Held: 'Either or survivor' clause was a tripartite agreement between joint account holders inter se and bank that it may be third party including the Bank itself D in its capacity as creditor, so that the amount becomes payable to such third party, without the authority, knowledge or concurrence of other account holder-Parties to a joint account are not automatically authorised to pledge each others credit. Appellant
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