lexbery (d) (227 Points)
13 October 2011i have a loan against share account,by which i have got a o/d of 15lakh....it is a joint account,i am the 1st holder,the cheque also mentions both the holders name,my name beign mentioned first.
of the total shares which have been pledged,only 1 share is in my name while the balance all share is in the name of second holder.
my qestion is....if money from this account is given to some one,then who will qualify as the giver of loan?the 1st holder or the 2nd holder?
Aparna Raja K.C
(Student)
(520 Points)
Replied 13 October 2011
Both holders.. as its a joint a/c... (i hope it to be so)
lexbery
(d)
(227 Points)
Replied 14 October 2011
the person who receives the loan,has to pay intrest,whom will he pay?the 1st hplder or the second holder?
CAclubindia
