Claim settlement by banks where survivor/nominee clause does not exist

There are two possibilities in a bank account maintained by a customer viz. (i)  a deposit account is opened in a bank with a valid nomination or with the survivorship clause like ‘either or survivor’, or ‘anyone or survivor’, or ‘former or survivor’ or ‘latter or survivor’ etc.  (ii) A deposit account is opened in…

How to get Satisfaction of Charge certificate from Registrar of companies?

A company upon payment or satisfaction in full of any charge registered under Chapter VI of companies Act 2013 shall give intimation of satisfaction to the Registrar of Companies. The procedure for applying for the certificate of satisfaction of charges registered under companies act are as under. The company shall approach lender bank/financial institution to issue…

Concept of banker and customer relationship

[This article explains the relationship between the bank and the customer like creditor and the debtor, Lessor and the Lessee, Trustee and beneficiary, bailor and bailee, Principal and the agent, assigner and assignee etc. according to the type of service rendered by the bank.] Basically, the relationship between banker and customer is contractual in nature.…