Joint Account in Europe

Definition of Joint Account

The rule that where two or more persons advance money and take the security to themselves jointly, each is in equity deemed to be separately entitled to his proportion of the money, so that on his death it passes to his personal representatives and not to his surviving co-lenders, made it usual, in cases where money was advanced by trustees, to insert in the mortgage deed, etc., a declaration that the money belonged to the lenders on a joint account in equity as well as at law, and that the receipt of the survivors or survivor, or his personal representatives, should be a full discharge for any monies due on the security. The Conveyancing Act, 1881, s. 61, re-enacted by the Law of Property Act, 1925, s. Ill, made it sufficient to say merely that the money is advanced by the lenders out of money belonging to them on a joint account

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Definition of Joint Account is, temporally, from A Concise Law Dictionary (1927). This page needs to be proofread.

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