Banking Contracts: Types, Obligations, and Operations
CONTRACT BANKING:
We use two criteria to determine what type of contracts are considered as bank
1.Subjetivo:
The made by the Credit
Institutions.
2.Aim or functional banking contracts are part of integrated operations in indirect intermediation in the credit.
The core business of credit institutions is that credit intermediation.
But in addition to other services that also do not participate in that intermediation of credit.
Operations are called neutral
Such transactions are carried out by:
1The bank CORPORATIONS
2The Savings
3.International Credit Cooperatives.
These bodies receive and give credit.
Bank contracts are contracts of adhesion.
Classification of contracts and banking operations:
According to the economic role may include: Operations active, passive or neutral.
to. Active operations: the Bank grants crédito1Préstamo
2Crédito
3Descuento
4Crédito documentary
b. Passive Operations: The Bank receives money
Irregular 1Depósito money
2Redescuento.
c.Operaciones neutral: Providing variety 1Cuenta Current
Banking
2Transferencia
Securities 3Depósito
4Mediación in the issuance of securities
5Emisión card
6Alquiler security safe
Cash 70Servicio permanent
8Suministro of business reports.
CURRENT BANK ACCOUNT
It is a neutral or management contract.
Atypical. In the current account is money paid by the customer or provided by the Bank. To dispose of those funds, the Bank gives her client a checkbook.
In this contract, the Bank provides a cash service and customer accounting.
1.La Bank a.Obligaciones
ObligationAccount management:.
“He must fulfill customer orders (meet payments, charges, etc.) Always those of the client in the agreed form.
“You must keep accounting records of operations performed by the client.
2.Tiene responsibility to verify the signature of customer orders, the signature of this that the Bank has registered.
3.Debe have funding.
4.Debe inform the customer. You must submit a regular bank statement for which records your account (credits and debits) expressly stating the balance (for or against the client).
Customer b.Obligaciones
The most important are:
Committees agreed 1.Pagar
2.Pagar expenses incurred for services rendered.
3.Custodiar diligently checks the logbook and notify the Bank urgently lost or stolen from them.
When the account is several people, it can be used:
-. Interchangeably or partnership means any of them may have.
-. Taken together: one can not have. To have the bill will require the signature of all.
ACTIVE OPERATIONS: bank lending
Through this contract the bank gives her client a sum of money, and the customer agrees to repay with interest in a timely fashion.
The return of the client can be done at one time or more.
The obligations of the parties:
Lender a.Obligaciones
(the Bank)
Our legislation is the loan as Real.
But banking practice has become consensual: they usually agree in the contracts that the Bank hands the money to the customer, signed the loan policy.
B. Borrower (Client)
1.Restituir money received in a timely fashion.
“All at once
“In the period agreed
2.Pagar agreed interest
3.The principle can be established without limitation interest, except that imposed by the Usury Act of 1908., (See the contract of loan) is delayed, will also pay default interest.
4-In these contracts include a clause whereby, if the borrower falls behind in the payment of any redemption occurs early termination of all obligations.
In this case, the Bank may claim the whole debt without waiting for the schedule.
This clause is incorporated in all contracts where the Bank grants credit (credit transactions).
REGULAR OPENING CREDIT
In practice this is often called a credit contract or Credit Policy and current accounts.
In this contract, the Bank makes available to the client a sum of money, usually in a checking account.
And the customer can access the money as you need them. Pay interest only on the amount drawn. Is atypical.
Obligations of parties:
Bank a.Obligaciones
1-The Bank needs to keep available to the client the amount of money agreed upon.
2-.Entregarle the money requested. This release may include:
-Metallic
-Payment of checks issued by your client, if available through a checking account.
Payment of expenses-domiciled in the account.
These two obligations are not the same:
“The Bank maintains an availability, a deposit (1st obligation).
-The customer can borrow the money to the Bank or withdraw money from your account, or it may not. When you want to have, is when the Bank must fulfill the obligation to deliver the money required (2nd obligation).
Customer b.Obligaciones
1.Pagar a commission to the Bank.
2.Si has had some amount should return in a timely fashion.
3.Si has made provision to pay the agreed interest.
Only the interest is paid has actually willing customers.
DISCOUNT
In these contracts, the Bank anticipates customer the amount, after deduction of interest, a claim that this is against a third party, and the client gives the bank the credits for it’s cobre.Es atypical.
In the event that the outstanding receivables resulting from the payment the client responds against the Bank.
Obligations of parties:
Bank a.Obligaciones
1.Descontar documents submitted by the client. Pay the customer the amount of such claims.
2.Ser diligent in collecting the loans which it gives the customer. Seek to avoid damaging a credit for being negligent.
Customer b.Obligaciones
1.Entregar ownership of credits you wish to discount at the Bank. In addition to credits, provide the information that they are concerned.
2.Pagar the interests of the amount advanced by the Bank. Interest is charged for the remaining amount Bank discounting.
3.Debe reimburse the Bank gave him credit if he is not paid when due. The obligation is imposed in deductions, with the clause subject to collection.
DOCUMENTARY CREDIT
Documentary credit facilitates foreign trade operations.
Try to ensure fulfillment of contracts of sale between atypical lejanas.Contrato places.
1The purchaser (usually an international sales) requires a bank to pay the price (for sale).
2.The Bank on behalf of his client (the buyer), you pay only if the seller delivers the documents relating to the contract (letter from, sale, bill of lading, etc.).
3.A once held by the Bank the documents must refer to the buyer.
4.The documentary credit contract celebrates the buyer and a bank.
It is governed by the Laws documentary compiled by the International Chamber of Commerce (last revised in 1993).
PASSIVE OPERATIONS: IRREGULAR DEPOSIT MONEY
This is a contract whereby the customer receives money from the Bank.
The Bank acquires ownership of that money, and promises to return the same amount, plus the agreed interest. Real contract unilaterally.
1.A sight a.Clases
The customer deposits money in the bank, may reclaim it in whole or in part, at any time.
May link:
-A current account
-In a savings account
They differ in the way in which the customer can dispose of their funds: by check or savings account.
2.A term deposit:
Any customer who deposited money in the bank, may dispose of it, upon expiry of the agreed period. The longer it takes to have more interest are paid.
1.Mantener depositary Bank b.Obligaciones sufficient liquidity to repay the money deposited to the customer.
Customer 2.Entregar money deposited as requested:
1In any time if the light
2For if the deadlines agreed fixed term.
3.Pagar agreed interests.
Rediscount
Consists of papers off a credit at the Bank of Spain. The documents that counterparties discounted at the Bank of Spain are receivables previously been discounted to their customers.
This is a second discount for one credit:
1.A bank advances money to his client and gets the credit
2.It is called an advance Bank the Bank of Spain, and in return gives him credit he received.