By Michael Marsden (auth.)
The Banking and Finance sequence has been written for college kids who're getting ready for the Associateship of the Institute of Bankers. The constitution of the sequence follows the syllabus heavily. even though the emphasis is at the Institute of Bankers' examinations the sequence is additionally proper to scholars for the types of different expert examinations reminiscent of different Accountancy our bodies, Chartered Secretaries, degree in Public management, below graduate company direction, B.T.E.C., B.E.C., R.N.D., D.M.S., inventory trade classes, organization of company Treasurers, Institute of Freight Forwarders, Institute of Export. Brian Kettell July 1985 sequence Editor xi Preface This ebook covers a vast variety of issues with regards to banking yet goals basically on the facets of banking which include the syllabus of the Institute of Bankers exam in perform of Banking - 1 (Banking degree - level 2). even supposing the textbook will be of specific curiosity and assistance to scholars enticing upon a learn of the relative Institute of Bankers topic, the e-book will, end result of the wide variety of technical banking details it comprises coupled with the sensible advice it gives, supply an invaluable basic reference booklet for training department bankers and for college kids in academic institutes who're learning monetary and company courses.
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Additional resources for The Practice of Banking , Part 1
It is likely that securities deposited for specific advances can be claimed by the customer when those specific advances have been repaid, even though the customer may owe the bank money on other accounts. The securities could not be retained by right of lien. However, on the sale of securities by a banker, a right of set-off would accrue in respect of other debts due to him by the customer concerned. (c) Where the securities are not those of the customer, except in the case of fully negotiable securities where the bank has no notice of any equitable trust.
If the effect of the conveyance is to delay or defeat creditors, even if it has been made in good faith by the debtor, it will be deemed a fraudulent conveyance. The case of in re Simms (1930) is of considerable importance to bankers. A builder had creditors for £28,000 and an overdraft of £6,500. He converted his business into a private Limited Company and assigned his assets to the Company for £ 17,000, satisfied in shares, the Company assuming responsibility for his liabilities. Bank accommodation was then arranged for the company, the bank taking a debenture on the Company's assets.
The real test may well be if the banker is faced with presentation of a cheque on one of the credit accounts having a credit balance in excess of the amount of the cheque. In such circumstances the banker will have to consider carefully the strength of his right to dishonour the cheque and take such legal advice as he requires. JOINT AND SEVERAL LIABILITY Joint accounts are covered in a later chapter but an early understanding of what is meant by "joint and several" liability is called for. In the case of "joint" liability: (a) a creditor can bring only one action and is debarred from successive actions.