Pledging of account permits transfer as security to specified institutions, with transferee deemed depositor until retransfer. Para 7 permits a depositor to pledge or transfer an account as security via Form 4 and the pledgee's acceptance. It lists permissible transferees, requires guardian certification for transfers involving minors or persons of unsound mind, and mandates authorised officer endorsements reading 'Transferred as security...' and 'Re transferred to...'. The transferee is deemed the depositor until authorised retransfer, which requires the transferee's written authority and the authorised officer's prior written sanction. Blind or physically infirm depositors may pledge through an authorised literate individual.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Pledging of account permits transfer as security to specified institutions, with transferee deemed depositor until retransfer.
Para 7 permits a depositor to pledge or transfer an account as security via Form 4 and the pledgee's acceptance. It lists permissible transferees, requires guardian certification for transfers involving minors or persons of unsound mind, and mandates authorised officer endorsements reading "Transferred as security..." and "Re transferred to...". The transferee is deemed the depositor until authorised retransfer, which requires the transferee's written authority and the authorised officer's prior written sanction. Blind or physically infirm depositors may pledge through an authorised literate individual.
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