Module: General Practice
Q89: Regarding the specific nomination rules for Safe Deposit Lockers and Articles in Safe Custody, which of the following is ALLOWED under the 2025 framework?
✅ Correct Answer: C
Correct Answer: C. Successive Nomination of up to 4 persons.
Concept: Asset-Class Specific Restrictions.
The Rule: Deposits: Allow Simultaneous OR Successive.
Lockers/Safe Custody: Allow ONLY Successive nominations.
Reasoning: Lockers contain physical items that are not easily divisible by the bank.
Therefore, the law mandates a "Chain of Priority." Nominee 1 gets access; if Nominee 1 passes away, then Nominee 2 gets access, and so on.
You cannot have simultaneous nominees for a locker because the bank cannot physically split the contents of a locker without breaking the seal and inventorying the items.
Concept: Asset-Class Specific Restrictions.
The Rule: Deposits: Allow Simultaneous OR Successive.
Lockers/Safe Custody: Allow ONLY Successive nominations.
Reasoning: Lockers contain physical items that are not easily divisible by the bank.
Therefore, the law mandates a "Chain of Priority." Nominee 1 gets access; if Nominee 1 passes away, then Nominee 2 gets access, and so on.
You cannot have simultaneous nominees for a locker because the bank cannot physically split the contents of a locker without breaking the seal and inventorying the items.