Explain the relationship of a banker and customer in the following transactions: (i) Loan from the bank (ii) Safe custody of articles (iii) Collection of cheques (iv) Standing instructions (v) Mortgage.
CS Professional · Banking - Law and Practice · PYQS · June 2016
Explain the relationship of a banker and customer in the following transactions: (i) Loan from the bank (ii) Safe custody of articles (iii) Collection of cheques (iv) Standing instructions (v) Mortgage.
Answer & Explanation:
Answer 3 Banker-Customer relationship in the transactions is specified below: Item Transaction Banker Customer (i) Loan from the Bank Creditor Debtor (ii) Safe custody of articles Bailee Bailor (iii) Collection of cheques Agent Principal (iv) Standing instruction Agent Principal (v) Mortgage Mortgagee Mortgagor
Topics: Banking Law and Practice
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