This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 244.— An account stands in the name of two executors. Is it not legal, according to the Bank Act, for either alone to draw?
Answer.—If the circumstances connected with the deposit show that it consists of moneys held by two executors as such, probably either may draw, though it is customary and safer to require both signatures. But if there is an express understanding that both are to sign, or if such an understanding might be implied from the circumstances connected with the deposit, this would, of course, alter the case, as the provisions of any contract must be complied with by the bank.
The law in Ontario empowers any one executor to withdraw money standing at credit of a deceased depositor, but if money were deposited to the credit of the executors, it would be safer to require the signatures of all. It is difficult to say what effect sec. 84 would have in such a case, but as in cashing a cheque drawn (e.g), by one of two trustees the bank would take on itself the burden of disproving any claim set up by the other that there was an understanding that both should sign, it is clear that it would be taking a serious risk quite unnecessarily. Sub-section 2 of sec. 84 may be held to be confined to cases where, but for that section, the bank could not take the deposit at all.