Banking · Bank-Customer Relationship
A bank is appointed as the executor of a deceased customer's will and is tasked with managing the assets and distributing them to the legal heirs. Simultaneously, the bank receives a mandate to collect a dividend warrant on behalf of another customer and credit it to their savings account. Identify the correct legal relationships for these two distinct roles as practiced in Indian banking.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1For the will, the bank is a Trustee; for the dividend collection, the bank is an Agent.✓
- 2For the will, the bank is a Bailee; for the dividend collection, the bank is a Trustee.
- 3For the will, the bank is a Debtor; for the dividend collection, the bank is a Creditor.
- 4For the will, the bank is a Principal; for the dividend collection, the bank is a Bailee.
Correct answer
For the will, the bank is a Trustee; for the dividend collection, the bank is an Agent.
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