📝 One-liners · 66 cards
A Banker Customer relationship
What is the legal nature of the relationship between a banker and a customer when a deposit is made?
The relationship is that of a debtor and creditor, where the bank becomes the debtor and the customer becomes the creditor upon deposit of funds.
What type of relationship exists between a bank and a customer who has taken a locker for valuables?
Bailee and bailor relationship for the locker contents.
Who is considered a 'customer' of a bank under Indian banking law?
A customer is a person who has an account with the bank or is in the habit of dealing with the bank; even a single transaction can establish the relationship under certain circumstances.
What is the nature of banker-customer relationship when a bank issues a letter of credit?
Bank acts as an agent of the customer issuing the credit.
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