📝 One-liners · 65 cards
Right to Set off, appropriation, safe deposit lockers & articles, Nomination Rules, Garnishee order
What is the banker's right of set-off?
The right of set-off allows a banker to combine two or more accounts of the same customer and adjust a debit balance in one account against a credit balance in another account.
Can a bank exercise right of set-off against a minor's account?
No, right of set-off cannot be applied to a minor's account.
What are the essential conditions for exercising the right of set-off?
The debts must be certain and ascertained, both accounts must be in the same name and same right, and the debt due to the bank must be legally recoverable.
What notice must a bank give before exercising the right of set-off?
Banker must give prior notice to the customer before exercising set-off.
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