BNK601 GDB Solution

BNK601 GDB Solution:
Mr. Azam availed locker facility from Habib Bank and gave Rs: 100,000/- for safe custody.

1. What kind of relationship is developed between Mr. Azam & bank? (Just mention the name of relationship)
2. If the money is lost by theft whether bank is responsible to pay the money back to Mr. Azam?
Answer:
1-Bailor and Bailee Relationship
2-As per section 152 the bailee, in the absence of any special contract, is not responsible for the loss, destruction or deterioration of the thing bailed, if he has taken the amount of care of it. Now a day banks have insured the locker according to the worth of goods of locker and in case of any theft bank will be liable to pay the owner only a specific amount according to the insurance policy (here insurance is a contract).