Compulsory deposit: banks must accept deposits from legal heirs and repayment to them discharges bank obligation. Where a person liable to compulsory deposit dies, the legal representative is liable for sums the deceased would have owed; accordingly legal heirs must make the compulsory deposit when the deceased's taxable income exceeds the threshold. Banks are instructed to accept deposits from those legal heirs and to repay them, and such repayment to the depositing heirs constitutes a valid discharge of the bank's obligation.
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.
Compulsory deposit: banks must accept deposits from legal heirs and repayment to them discharges bank obligation.
Where a person liable to compulsory deposit dies, the legal representative is liable for sums the deceased would have owed; accordingly legal heirs must make the compulsory deposit when the deceased's taxable income exceeds the threshold. Banks are instructed to accept deposits from those legal heirs and to repay them, and such repayment to the depositing heirs constitutes a valid discharge of the bank's obligation.
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