Answer to Question #179444 in Law for Watu Matuze

Question

Discuss the significance of the case of Joachimson v Swiss Bank Corporation (1921) with respect to the relationship between Banks and their Customers.

Answer 1

Joachimson v Swiss Bank Corporation (1921) 3KB 110 refers to a judicial decision of the Court of Appeal of England and Wakes which is used in relation to the fundamental nature of the legal relationship between the banker and the customer. This decision is considered very important because of the influential comments made in relation to the nature of the banker-customer relationship. This case states that a customer does not have the right of action against a bank for repayment of sums until the customer makes a demand. The case is also known as the top authority for the preposition that a demand for refund must be made at the branch of the bank where the account is kept