Commentary

8 Security documents

BANKING vol 4(1)
| Commentary

8 Security documents

| Commentary

8 Security documents

Whilst the facility most frequently provided by a banker to a customer is that of borrowing on loan or overdraft, indebtedness on the part of the customer may be authorised in other ways such as where the banker agrees to discount bills or to establish documentary credits. Bankers’ security documents normally contain a comprehensive definition of the customer’s relevant obligations, thus eliminating the need for a new security document if a different type of facility is arranged at a date later than the agreement for the borrowing. Again, a customer may borrow upon his own account and

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