Shah and Another v Exchange Bank of India and Africa Ltd
Shah and Another v Exchange Bank of India and Africa Ltd (Civil Appeal No. 68 of 1950) [1951] EACA 25 (1 January 1951)
The court held that the sum of Sh. 16,000 became the property of the Exchange Bank of India on 2nd May, 1949, when it was credited to the bank's account by the Standard Bank of South Africa. On that date, the Exchange Bank could have drawn cheques against the credited amount, establishing its ownership and making the funds a pre-liquidation asset. The timing of the advice note's receipt and the subsequent crediting to the appellants' account were immaterial to the determination of ownership. The appellants' argument that the agency was not concluded until they could draw against their account…
Source excerpt
- Bank Liquidation
- Ownership Of Deposited Funds
- Agency Relationships
- Proof Of Debt In Liquidation