This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 359.— Some banks issue interest bearing receipts and open savings bank accounts to say " Jno. Smith and Robt. Jones, both or either," and pay the money on one signature. Suppose one of the parties dies, ought the bank to pay on the signature of the survivor ?
Answer.—We understand that payment to the survivor is proper, even when the deposit is made without being repayable to " both or either." The control of the joint deposit passes, by our Ontario law, to the survivor, and he is entitled to receive the amount from the bank. The point is, of course, much clearer when by the terms of the original deposit either party was entitled to draw the money.