Banking and Finance Law - 1018 Words

MID TERM ASSIGNMENT BANKING FINANCE LAW Name: Tran Cong Hieu Student ID: 15402543 Word count: 986 ISSUES Can Fantastic Landscapes Pty. Ltd. have the right to sue Red Bank to claim $50,000 which Minnie has stolen? Can Fantastic Landscapes Pty. Ltd. sue Red Bank for compensation for the $10,000 penalty fee? Can Fantastic Landscapes Pty. Ltd. seek compensation from BLB? RULES Firstly, who is the customer? Secondly, content of the contact at (2.65) states that: the contact between the bank and the customer is ongoing one. It exists until terminated pursuant to contractual principles, which could include agreement of the parties or breach of the condition entitling the innocent party to terminate. Thirdly, the bank’s duty†¦show more content†¦Therefore, Ben or Fantastic Landscapes could not claim back $50000. When apply to combination of account, the Fantastic Landscapes has won in this lawsuit. The Red Bank has combined overdraft account and Account No 2 without any notice because they hear that this company has just lot a large landscaping contract and not working any more. Moreover, Red Bank has agreed Fantastic Landscapes to borrow maximum $100000, so they can not combine account without any notice to this company even though its overdraft account has reached to $100000. Therefore, Red Bank has to pay $10000 penalty fee for Fantastic Landscapes to the finance company. According to duty of the banker, the BLB (Big Lender Bank) does not have any duty to Fantastic Landscapes because in this case, its customer Minnie just is its client. Therefore, BLB do not have any duty to her company although she is a director in that company and she has committed fraud. Moreover, BLB do not care about how Minnie paid off her debt because Minnie did not withdraw money in the trust account. In addition, according to Thomson v Clydesdale Bank Ltd (1893) AC 282. BLB does not need to care about its customer detail particularly. Hence, the chances forShow MoreRelatedLaws Providing For Parallel Islamic Banking Systems: In most jurisdictions where Islamic banks1000 Words   |  4 PagesLaws Providing For Parallel Islamic Banking Systems: In most jurisdictions where Islamic banks operate, they have to compete with conventional banks involved in interest-based borrowing and lending. The legal framework governing the licensing of banks and their regulation was designed primarily for conventional institu ¬tions, not least as there were no Islamic banks in existence in most cases when the banking laws were drafted. Three choices therefore arise: firstly, whether Islamic banks can beRead MoreIslamic Law And Islamic Banking1299 Words   |  6 PagesForty years ago, the Islamic banking industry was created, on a modest scale, to fill a gap in a banking system that was not listening to the fervent Muslim believers. 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