Answer to Question #310739 in Finance for Godwin

Question

Q1.

George swala entered FNB with 400 thousand kwacha with a view to deposit money.He produced a 100 thousand kwacha and gave the teller wzho credited it to swalaz account. Before Swala could produce another 100 thousand the bank was stormed by armed robbers,who stole the 100 thousand which was credited to to Swalaz account by the bank,but still kept by the teller,thy also stole the 300 thousand in possession of swala. Swala approached the bank manager to give him the deposit the entire 400 thousand on the premise that he had already entered the bank and that the money was stolen in the bank. Therefore the money which was stolen was for the bank and not for Swala. The manager responded that all the money stollen was for Swala and that the bank is not liable.

Swala approaches your law firm styled FCK chambers for legal advice..Adivise Swala.

Answer 1

In this case, the bank is responsible for the money that the client has already deposited in the deposit account, i.e. 100 thousand. To be more precise, the bank is responsible for the amount of funds specified in the deposit agreement. Thus, the bank must return 100 thousand rubles, and the robbers 300 rubles to the client.