https://www.taxtmi.com/caselaws?id=298193 The Supreme Court held that a fixed deposit jointly owned with an "either or survivor" clause cannot be pledged unilaterally by one account holder without the consent of the other. The Bank cannot adjust the deposit against a pledge without both account holders' consent. The Court ruled that the Bank's actions were invalid, and the appellant was entitled to recover the amount deposited. The State and National Commissions' decisions in favor of the Bank were overturned, and the District Forum's ruling in favor of the appellant was upheld with costs. en-us Mon, 25 Oct 2004 00:00:00 +0530 Tue, 19 Oct 2021 15:17:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298193 The Supreme Court held that a fixed deposit jointly owned with an "either or survivor" clause cannot be pledged unilaterally by one account holder without the consent of the other. The Bank cannot adjust the deposit against a pledge without both account holders' consent. The Court ruled that the Bank's actions were invalid, and the appellant was entitled to recover the amount deposited. The State and National Commissions' decisions in favor of the Bank were overturned, and the District Forum's ruling in favor of the appellant was upheld with costs. Case-Laws Indian Laws Mon, 25 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298193