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BANKING
1) at common law position if you aint got account, you aint no customer
Ladbroke co v Todd, great western rly v London & country bank
2) new position- if bank provides financial services, even without need for account
= customer , ducare arises in respect of that service. [woods v martins bank]
3) customer in gh = anyone receiving 11 love from bank
RIGHTS
1. To charge reasonable commission on transactions
2. to exercise a lien where the bank collects cheques into overdrawn account
3. to use customers money
4. right to expect due care was taken in writing cheques and to be informed of
forgeries
DUTIES OF CUSTOMER
1. To inform bank of all fraud n forgery on account- greenwood v martins bank.
2. to ensure that instruments of withdrawal arent easily alterable London J.S.
Bank v macmillan & Arthur, 1932 1 KB 544 CA
Interest Rates
1. principle= lender having been deprived the use of his money ought to be
compensated- ibm v hasnem, riches v Westminster bank.
2. not automatic. Only arises if by trade usage or dealings of the parties a contract
for interest is impliable.- shaw v pictor
3. not exigible on money lent for social purposes/contextn
4. compound interest can only be charged if borrower acquiesced - GCB v v odom
5. interest due date of judgment or date of final payment? 2007scglr 602
BILLS OF EXCHANGE
Features:
1. see exchange act 1961 [act 55]
2. = an unconditional order in writing addressed and signed by 1 party requiring
the addressee to pay on demand the sum thereon specified to a named
person/bearer.
3. Drawer- signatory of bill
4. Drawee- addressee of bill
5. Drawee must accept to honour bill
6. Acceptance = assent of drawee+ delivery/notification of assent
7. Payee- bearer/named party to receive the money.
8. Negotiation is?
9. 29[2]
features of a BoE
1. unconditional order- must be an imperative command to pay up not hinged to
any conditions precedent. Nor is it request like cheque is.
2. Jst see ac
3.