BNK601 Assignment # 2 Solution

BNK601 Assignment # 2 Solution:
Q 1: Whether you open his account if yes then what are the procedures of opening?

Solution:
A person who has not attained the age of 18 years is a minor. A minor cannot enter into a contract. Therefore any contract with minor is void. However a bank can accept and open a minor's account if it is directed by the guardian court. So, as a banker I open his account. In this case a guardian signs the account opening form and gives his own specimen signature for account operation as mentioned under section 3 of majority Act 1875, the court appoints a guardian of a minor who obtains and signs the prescribed opening form of the account himself. He gives his own specimen signatures for the operation of the account.

Each withdrawal from the minor's account by the guardian is subject to the approval and sanction of the guardian court. On attaining the age of majority which is 21 years, the minor is allowed to open and operate the account himself. The authority of legal guardian ceases to exist.
So the minor can open an account through some guardian.

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).