Banking · Garnishee Order
Assertion: When a bank receives a Garnishee Order Nisi attaching funds in a customer's account, it must freeze the balance up to the specified amount or the entire balance if no amount is mentioned. Reasoning: The service of a Garnishee Order Nisi creates a charge on the debt due from the bank to the judgment debtor at the exact moment the order is served.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both Assertion and Reasoning are true and the Reasoning is the correct explanation of the Assertion.✓
- 2Both Assertion and Reasoning are true but the Reasoning is not the correct explanation of the Assertion.
- 3The Assertion is true but the Reasoning is false.
- 4The Assertion is false but the Reasoning is true.
Correct answer
Both Assertion and Reasoning are true and the Reasoning is the correct explanation of the Assertion.
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