📝 One-liners · 66 cards
A BANKERS SPECIAL RELATIONSHIP
What is the special relationship between a banker and customer primarily based on?
The relationship between a banker and customer is primarily based on a contract, whereby the banker agrees to accept deposits and repay on demand or as otherwise agreed, creating a debtor-creditor relationship.
What is the legal nature of the relationship between a bank and a depositor?
Debtor-creditor relationship; bank owes money to depositor.
When does the relationship of banker and customer formally commence?
The relationship commences when the bank opens an account in the customer's name and the customer makes the first deposit, establishing a legally recognised contractual relationship.
What is the position of a bank when a customer takes a loan?
Bank becomes creditor and customer becomes debtor.
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