Mandate
- A person competent to enter into a contract may authorise another person to open and operate an account on his behalf.
- Mandatee – Authorised Person
Power Of Attorney (POA)
- Document executed by one person (Donor or Principal) in favour of another person (Donee or Agent) to act on behalf of Donor.
Types
- General or Universal
- Special or Limited
Garnishee Order
- Order of court obtained by a judgement creditor attaching the fund belong to judgement debtor in the hand of his debtors, including bank
Bank- Dos & Don’ts under Garnishee Order
- Payment of Cheques
- After receive garnishee order, refuse cash payment and in case of clearing, the cheques must be returned
- Right to set-off
- Bank has a prior right to set-off
- When lien is marked on fixed deposit receipts, it cannot be attached by a garnishee order
- Unclear effects and Subsequent credit in a/c
- Credits received to subsequent to garnishee order are not attachable because debts due or accruing at the time of receipt of order are only attachable
- Joint Account
- When a garnishee order is in a single name and customer account is joint:-
- “either or survivor” – Not Attached
- “former or survivor” – Attached
- Trust Account
- Garnishee order against trustee is not attached in trust account
- Partnership Account
- Personal account of partner can be attached for the firm’s debt, but the firm’s account can’t attached for individual debt of partners
- Liquidator
- In liquidator garnishee order attached
- When a garnishee order is in a single name and customer account is joint:-