Chapter 1 Bank in Singapore - a local bank incorporated in Singapore with the license from MAS. Or branches or offices of a foreign bank in Singapore.
Banking Business - receiving money on current/deposit accounts, paying & collecting cheques, making advances and any other businesses approved by MAS from time to time
Customer - firms/individuals/corporations who has some sort of accounts (currents/deposits) or business relationships (unit trusts/IPO) with the bank. the duration of the relationship is not important.
There are 4 accounts: minor, joint, personal representative, solicitors accounts. Minor: -age 18 and below. they are allowed to open deposits and currents account (but no overdraft) -overdraft is a loan and cannot be recovered from the minor so the contract is void. -the bank owes the minor the same duties as the adult customers. Joint: -joint all (all to sign) /joint alternate (either one to sign) -clear mandate is required for accounts closure and countermand. -forgery of signature makes the cheque wholly inoperative. Solictors: -Firms, working accounts that contains solictor's money and overdraft -Clients, trust account that contains client's money. -client's account should never be overdrawn. PR: -settle deceased account. if deceased die with will, the PR will obtain Probate and is known as executor. if die without will, he is die inestate, the PR will obtain letter of administration and is known as administrator.
the implied terms/duties of a bank. - undertakes to accept money and deposit cheques by or on behalf of customers. - undertakes to repay customer on demand and during banking hours. - gives reasonable notice when ceasing relationship with customers. - duty to honour customer's cheque. - do not over debit - keep accurate account (do not over credit) - observe banking secrecy.
the implied terms/duties of a customer. - exercise reasonable care when writing orders to bank so as not to mislead bank or facilitate fraud. - inform bank about forgery as soon as he is aware of it.
Chapter 2 A cheque is an unconditional order in writing addressed by one person to another, signed by the person giving it requiring the person whom it is addressed to pay on demand the sum certain in writing to or to the order of the specified person or to bearer.
A cheque is a negotiable instrument because it is represents a sum of money and transferable by delivery. it also give the transferee the rights to demand payment on the sum stated in the instrument. it has 3 characteristics: -the holder who obtains the cheque in good faith and for value receives good title. -the holder who is in possession of the cheque can sue the transferor/payee/drawer directly without involving the endorser. -title of bearer cheque through delivery. title of bearer cheque through endorsement and delivery.
negotiaion of instrument: issue- the first delivery of cheque in complete from to holder. delivery- the voluntary transfer of possession(actual or constructive) from one person to another. negotiation- order/bearer cheque.
Endorsements: Blank- signed, order to bearer cheque. Special - sign and indicate payee's name, order remain order cheque. Restrictive - sign and indicate payee's name ONLY. prevent further negotiation.
Crossings: General - pay thru account, NO over the counter. Acc Payee - pay acc payee thru acc only. no further negotiation. Non Negotiable - cheque is transferable but transferee will not receive better title then transferor.
OMG. got another chapter to go. AH ): tuition in 1hour time. dang. did i mention my hair was screwed too? omg.
i always thought runaway bride is something that can only be seen on television. but somehow it happens, around me. maybe not so serious, but the impact is there.
with loves, 4:52 PM
• THE BLOGGER
♥alicia
aka aliyo
nineteen this year.
LOVES
GREEN
:D
SP.SB.DBF pictures videos facebook Twitter Updates☺
