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BANKERS SPECIAL RELATIONSHIP
What is the special relationship between a banker and customer known as?
The relationship between a banker and customer is primarily that of a debtor and creditor, with the banker acting as debtor when accepting deposits and creditor when granting loans.
What is the primary legal nature of the debtor-creditor relationship in banking?
Bank borrows deposited money and repays it on demand.
When does the banker-customer relationship begin?
The banker-customer relationship begins when the bank opens an account for the customer and the first transaction is completed, establishing a contractual relationship.
Which landmark case established that the bank is a debtor to the depositor?
Foley v. Hill (1848) established bank as debtor to depositor.
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