Economics · Economy
For a Joint Account with the operating instruction 'Former or Survivor' opened by 'X' (Former) and 'Y' (Survivor), which statement correctly defines the operation of the account after the death of 'X'?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The account must be closed, and the balance paid to the legal heirs of X.
- 2Y must provide the death certificate of X, after which Y is entitled to operate the account alone.✓
- 3Y can continue to operate the account only after providing an indemnity from the legal heirs of X.
- 4Y can operate the account only as an Agent for the deceased X's estate.
Correct answer
Y must provide the death certificate of X, after which Y is entitled to operate the account alone.
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