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Banking Law- 20th Sept 2011.Doc Revised 3.

Banking Law- 20th Sept 2011.Doc Revised 3.


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Published by: jemengich on Jan 24, 2012
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Executors and administrators are persons appointed to settle the accounts of a person after

his death. An executor is appointed by the deceased himself, while the administrator is

appointed by the courts.

A banker should observe the following precautions while dealing while dealing with

executors and administrators:

i.The bank should examine the ‘letter of Probate’ i.e. letter of official confirmation in

case of executors and a letter of administration in case of administrators to acquaint

itself with the powers and functions of executors and administrators.

ii.An account in the name of executors and administrators may be opened.

iii.In case of joint executors and administrators, the banker should get clear instructions

from them regarding the executors and administrators who will operate the account.

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