Civil law. Part II. Types of accounts under a bank account agreement. Responsibility of the parties and termination of the contract (most important)

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Civil law. Part II. Types of accounts under a bank account agreement. Responsibility of the parties and termination of the contract (most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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86. TYPES OF ACCOUNTS UNDER BANK ACCOUNT AGREEMENT. LIABILITY OF THE PARTIES AND TERMINATION OF THE AGREEMENT

Types of accounts:

▪ current account - an account for carrying out business activities;

▪ an account for performing work under production sharing agreements, opened in Russian and foreign banks by investors in accordance with the Federal Law “On Production Sharing Agreements”;

▪ an account for joint activities opened in Russian banks;

▪ current account - a financing account for non-profit legal entities;

▪ budget account - an account opened for an enterprise or organization when it allocates funds from the federal or local budgets for certain types of activities;

▪ investment and conversion accounts - accounts for recording federal budget funds provided on a repayable and paid basis to finance conversion and investment programs. These accounts are opened in specially authorized banks;

▪ bank correspondent account - this account is opened by banks for mutual settlements or in cash settlement centers of the Central Bank of Russia;

▪ checking account - its purpose is to credit the account owner in the absence of funds on it and to carry out offsets against the balance of mutual claims.

Bank liability for improper performance of operations on the account occurs in the following cases: untimely crediting of funds received by the client to the account; unreasonable debiting of funds by the bank from the client's account; failure to comply with the client's instructions to transfer funds from the account or to issue them from the account.

In all these cases, the bank is obliged to pay interest on the amount of funds in the manner and in the amount provided for in Art. 395 of the Civil Code (Article 856 of the Civil Code).

Law terminate the contractual relationship belongs to both parties to the contract.

At the request of the bank, the agreement may be terminated by the court in the following cases:

a) when the amount of funds stored in the client’s account is below the minimum amount provided for by banking rules or agreement, unless such amount is restored within a month from the date the bank warned about this;

b) in the absence of transactions on this account during the year, unless otherwise provided by the agreement.

At the request of the client, the contract terminated at any time.

Termination of the agreement is the basis for closing the client's account. The balance of funds on the account is issued to the client or, at his instruction, transferred to another account no later than 7 days after receiving the corresponding written application from the client.

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