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Anonymous Posted 13 years ago
Legal Studies

What does "joint signatory obligation" mean?

Greetings,

Could you please explain to me the precise meaning
of the expression "contains a joint signatory obligation"
as used in the following paragraph:

The Beneficiary undertakes to ensure that the account specified
in Article 1(4) contains a joint signatory obligation and is used
only for funds donated by NNN. The funds are only to be used
for the implementation of the Project as specified in the project
application and budget.

In any case, thank you very much in advance.

I tried to find this expression on the internet, and also asked a few
people who I thought could know the answer. So far, no success.
  

Top answer

Hi I'm not a legal expert, but I would say that means that there must be two (or more) people who must sign any cheque or agreement before money is paid from the account Dave

— Dave_anon

  • Hi I'm not a legal expert, but I would say that means that there must be two (or more) people who must sign any cheque or agreement before money is paid from the account Dave
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3 Answers
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Hi

I'm not a legal expert, but I would say that means that there must be two (or more) people who must sign any cheque or agreement before money is paid from the account

Dave
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Thank you, Dave.


I heard of such accounts in the context of rental apartments:

keeping the security deposit on such an account (as opposed

to the landlord's personal bank account) prevents the landlord

from simply keeping the deposit on a false pretext.


Posted my question on this forum to be sure.

Let us see if anyone voices a d
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p.s. It was in Germany that I heard of such bank accounts, so the
English expression "joint signatory obligation" did not come up.
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