The Practice of Banking , Part 1 by Michael Marsden (auth.)

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 supposing the emphasis is at the Institute of Bankers' examinations the sequence is usually correct to scholars for the categories of different expert examinations reminiscent of the several Accountancy our bodies, Chartered Secretaries, degree in Public management, lower than­ graduate enterprise direction, B.T.E.C., B.E.C., R.N.D., D.M.S., inventory alternate classes, organization of company Treasurers, Institute of Freight Forwarders, Institute of Export. Brian Kettell July 1985 sequence Editor xi Preface This booklet covers a extensive variety of subject matters on the subject of banking yet goals essentially on the points of banking which contain the syllabus of the Institute of Bankers exam in perform of Banking - 1 (Banking degree - degree 2). even supposing the textbook could be of specific curiosity and advice to scholars attractive upon a research of the relative Institute of Bankers topic, the e-book will, because of the wide variety of technical banking info it comprises coupled with the sensible assistance it presents, offer an invaluable basic reference publication for training department bankers and for college students in academic institutes who're learning monetary and enterprise courses.

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Where there is an agreement for a net limit between two or more accounts, or a letter of set-off is taken. Indeed the fact that in many instances letters of set-off are taken might make it more difficult for the banker to exercise a right of set-off in the absence of such an agreement. Deposit Account: Possibly a deposit account which is subject to notice is not a vail able as a true set-off for the amount is not due until notice has expiredthe debts are not in the same right. Nevertheless it may be regarded as such for if the customer gave notice to withdraw the bank could immediately give counter notice to set-off.

It has been recognised for some time that the existing bankruptcy system is in many ways inadequate to cope with the vast number of bankruptcies which have come about each year for several years, in particular the many small bankruptcies which nowadays occur, and the whole subject of Insolvency has been the subject of investigation over the past few years by a committee under the chairmanship of Sir Kenneth Cork. This Review Committee has now published its final report which covers a wide range of topics surrounding insolvency, bankruptcy, liquidation and receivership.

These various acts of bankruptcy ought to be well-known by bankers since when a banker becomes aware that one of his customers has committed an act of bankruptcy, he must restrict operations on the customer's account as explained later in this chapter. The following points enlarge upon certain ofthese acts. Assignment The assignment must relate to the entire property of the debtor and must be assigned for the benefit of all the creditors. Fraudulent Conveyance "Fraudulent" has a special meaning in bankruptcy law.

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