Banking · Banker's General Lien
Consider the following statements regarding banking laws and rights: Statement 1: The Banking Companies (Nomination) Rules 1985 simplify claim settlements upon a customer's death. Statement 2: A Garnishee Order attaches only debts due or accruing due at the time of service. Statement 3: The Right of Appropriation under Section 59 of the Indian Contract Act gives the debtor the primary right to indicate payment application. Statement 4: A Banker's General Lien applies to all customer property in the bank's possession, including locker contents and articles left behind by mistake. Statement 5: The Consumer Protection Act 2019 protects bank service consumers. Which statement contains a significant legal error regarding the scope of a Banker's General Lien?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Statement 5
- 2Statement 4✓
- 3Statement 2
- 4Statement 1
Correct answer
Statement 4
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