Accounts of Married Women 👩

Historical Context: Earlier, women had limited property rights. Today, a married woman has full power to open and operate bank accounts in her own name.

Legal Status: She can enter into contracts and bind her Stridhan (personal property).

Key Rules for Bankers 📋

1. Husband's Liability 🤵

• General Rule: Husband is NOT liable for debts taken by wife.
• Exception: If loan is for "necessaries of life" (food, shelter, household) suited to their status, husband may be liable (Agency of Necessity).
• Banker's Precaution: For big loans, usually bank asks husband to be co-borrower or guarantor.

2. Joint Account with Husband (E or S) 👫

• Commonly opened as "Either or Survivor" (E or S).
• Meaning: Either husband or wife can operate. If one dies, money goes to Survivor.
• Dispute: If they fight/divorce and one informs bank to stop payment, bank must stop operations and ask for joint instructions.

3. Illiterate Women ✍️

• If she cannot sign, use Thumb Impression (Left Thumb usually).
• Must be witnessed by bank officer or known person.
• Photo is mandatory.

4. Pardanashin Women 🧕

• Women who observe strict purdah (seclusion) and don't interact with outside men.
• Risk: She might claim she didn't understand the contract (Undue Influence).
• Precaution:
  • Banker must ensure she gets independent advice.
  • Contract explained to her in her language.
  • Witnessed by trusted person.

Married Women's Property Act (MWP Act) 🛡️

Section 6: If a husband buys an insurance policy under MWP Act for benefit of wife/children:

• The money belongs ONLY to wife/children.
• Husband's creditors CANNOT claim it (even if husband goes bankrupt).
• It creates a Trust.

Quiz Time! 🎯

💡 Final Wisdom: "A married woman is an independent financial entity. The husband is just a spectator unless he signs as a guarantor!" 👩‍💼

Next up: Partnership Firms - Joint liability! 🤝