Banking Law Exam Question Answered - Bank-Customer Relationship
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Course
Banking Law (LAW317)
Institution
The University Of Liverpool (UoL)
Book
Banking Law
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LML4807 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE 9 September 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.
LML4807 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE 9 September 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.
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Banking Law (LAW317)
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QUESTION
Alan holds an account with the North Norfolk Branch of Aha Bank plc. Over the course of
the relationship a number of incidents have unfolded in which he believes that Aha Bank plc
have failed to abide by the duties that they owe him:
1. (a) Three years ago, Aha Bank plc fail to honour a payment from Alan to his local
Spa, which he has been a member of for 10 years. When the treasurer of the Spa
called Aha Bank plc to question why the payment had not gone through, the bank
manager replied that there were insufficient funds in Alan’s account due to his
excessive gambling and life of excess. Alan is unhappy that his reputation at the Spa
will have been damaged.
2. (b) A year ago, despite Alan being in a better financial position, Aha Bank plc failed
to make a number of payments on his behalf. When Alan asks for an explanation, the
bank simply responds that the payments will be made in due course. A few months
later the payments are made, and no further explanation is given. Alan is furious
about the situation and further, wants to know whether Aha Bank plc were wrong not
to give him an explanation?
3. (c) Alan, has been a big international soccer fan ever since his time hosting a
programme on the 1994 World Cup in America. His passion means that he frequently
buys rare jerseys from abroad. A few months ago, without notice, Aha Bank plc
closed Alan’s account.
Advise Alan of any claims he may have against Aha Bank plc.
Word count: 1255
Introduction:
Contract law is fundamental in establishing bank-customer relationship. Since it is a
specialist area of contract law, it has been developed by the courts over a period of time. The
nature of the relationship is one of a debtor and creditor (Foley v Hill). When Alan gives Aha
Bank instructions, the relationship becomes one of an agent and principal whereby Alan is
the principal and Aha Bank is the agent. Accordingly, Aha Bank owes a number of duties to
Alan arising from the banker-customer relationship. (Joachimson).
(a)
1
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