1.A bank’s right of set-off can be restricted by an express agreement with the customer.
2.Even if there is an agreement prohibiting set-off, the bank can still exercise the right at its discretion.
Which of the statements given above is/are correct?
1.Set-off can be exercised only in respect of debts that are certain and presently payable.
2.A bank can set off a customer’s deposit against a future or contingent liability.
Which of the statements given above is/are correct?
1.Clayton’s Rule is based on the principle of “first in, first out.”
2.Clayton’s Rule mainly applies to savings bank accounts.
Which of the statements given above is/are correct?
The right of appropriation arises when a customer owes more than one debt to the bank.
The right of appropriation applies only when the payment made is sufficient to clear all debts.
Which of the statements given above is/are correct?
Assertion (A): Garnishee Order applies to future deposits.
Reason (R): It freezes all incoming funds.
Assertion (A): Under Section 59, bank can decide appropriation.
Reason (R): Debtor gives express instructions.
Assertion (A): Bank can set off a trust account against trustee’s personal loan.
Reason (R): Capacity of the account holder is different.
Assertion (A): Banker’s duty of secrecy continues even after account closure.
Reason (R): The duty arises from contractual obligation.
Assertion (A): A bank renting a locker is a lessor.
Reason (R): The locker facility is provided on a rent basis.
Assertion (A): When a customer deposits money, the banker becomes a debtor.
Reason (R): Deposited money becomes the bank’s property.
A dice has its face marked by letters I,L,O,V,A and F. Two positions of the same dice are given below.Which face is opposite to face O ?