Banking · Legal Aspects of Banking
When a bank receives an attachment order issued by a court under the Code of Civil Procedure, which of the following procedures must be followed?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Transfer the entire amount to a suspense account without informing the court or the customer.
- 2Allow the customer to withdraw all funds irrespective of the attachment limit.
- 3Notify the account holder and mark a lien or block the available balance as directed by the order.✓
- 4Immediately freeze the account entirely and disburse accrued interest for that month.
Correct answer
Notify the account holder and mark a lien or block the available balance as directed by the order.
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