This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 357.— One partner in a firm having a current account with a bank dies. Is the surviving partner entitled to draw the balance ? If he should continue to make deposits in the name of the firm, can he withdraw the funds ? Would his rights be affected by the appointment of an executor or administrator of the deceased partner?
Answer.—The surviving partner has a right to withdraw the money on deposit at the time of the other partner's death. In this respect the account must be regarded as a joint deposit, the control of which passes to the survivor.
If the surviving partner deposits money in the name of the firm we think he is entitled to withdraw the same and to sign the firm's name for the purpose. His rights would not be affected by grant of letters of probate or ad" ministration in connection with the estate of the deceased partner.