Final answer:
The Undivided Account, also known as Eastern Account, is a type of bank account that allows multiple individuals or entities to have joint ownership and control over the entire account balance.
Step-by-step explanation:
The Undivided Account, also known as Eastern Account, is a type of bank account that allows multiple individuals or entities to have joint ownership and control over the account. Unlike a typical bank account, where funds are divided among account holders, an undivided account allows the account holders to have equal access and control over the entire account balance.
This type of account is commonly used in business partnerships, where multiple partners contribute funds to a single account and have equal access to withdraw funds or make transactions
For example, in a two-person partnership, both partners can deposit money, write checks, and access the funds in the account without requiring the consent or approval of the other partner.