https://www.taxtmi.com/caselaws?id=199722 Joint operation of current and overdraft accounts can establish liability for bank debt where account records, testimony and jointly executed documents show both account holders assumed the obligation. Collateral promissory notes may also support liability as surety securities, despite the absence of a separately framed surety plea where the party had notice and suffered no prejudice. Consideration for a surety may arise from a contemporaneous benefit or promise to the principal debtor; securities linked to ongoing overdraft arrangements are not unsupported past consideration. A genuine written acknowledgment can extend limitation, and reciprocal dealings may constitute a mutual, open and current account for limitation purposes. en-us Thu, 23 Nov 1967 00:00:00 +0530 Tue, 10 Jun 2025 15:59:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199722 Joint operation of current and overdraft accounts can establish liability for bank debt where account records, testimony and jointly executed documents show both account holders assumed the obligation. Collateral promissory notes may also support liability as surety securities, despite the absence of a separately framed surety plea where the party had notice and suffered no prejudice. Consideration for a surety may arise from a contemporaneous benefit or promise to the principal debtor; securities linked to ongoing overdraft arrangements are not unsupported past consideration. A genuine written acknowledgment can extend limitation, and reciprocal dealings may constitute a mutual, open and current account for limitation purposes. Case-Laws Indian Laws Thu, 23 Nov 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199722