This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 361.— We issue a deposit receipt undertaking to account to AB and CD or either of them, for a certain sum and interest. In the event of the death of one, should we not require the consent of the representatives of the deceased before making payment to the survivor? Is not death something which AB and CD in the case mentioned did not provide for?
Answer.—So far as any dealings with the deposit during the lifetime of both depositors are concerned, the terms of the receipt govern; the bank is bound to pay to either of the parties provided he complies with the terms of the receipt. On the death of one, then, under the law of the province of Ontario, the survivor is entitled to receive the money, and this would follow whether the receipt had been made in favour of AB and CD simply, or of AB and CD or either of them. It may be true that the money does not belong to the survivor, or that the representatives of the deceased are entitled to a share in it, but that does not affect the question. The survivor holds the actual title, and others may be the beneficial owners, but the bank deals with the holder of the title.