Banking · Legal Aspects of Banking
Upon receiving a 'Garnishee Order Nisi' from a court that does not specify a particular amount, what action must the bank immediately take?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Inform the customer to withdraw the funds before the order is made Absolute.
- 2Freeze the entire credit balance in all accounts of the Judgment Debtor held in the same capacity until the order is made Absolute or discharged.✓
- 3Freeze only a nominal amount in the customer's account.
- 4Transfer the entire account balance to the court.
Correct answer
Freeze the entire credit balance in all accounts of the Judgment Debtor held in the same capacity until the order is made Absolute or discharged.
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