Article 371
1. Bank cash deposit is a contract whereby a person delivers an amount of money, in any way of payment, to the bank which returns the money at request, or on the agreed conditions.
2. The bank shall acquire the ownership of the deposited money and shall have the right to dispose thereof for the needs of its own activity together with its obligation to return the same amount to the bailor. The return shall be made in the same deposited currency.
Article 372
1. The cash deposit shall be returned at request, unless otherwise is agreed. The bailor may at any time dispose of the balance or any part thereof.
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2. Such right may be suspended on a prior notice or the expiration of a specific term.
Article 373
Except the deposit allocated for investment, cash deposit shall be deemed a debt, and setoff may be made between the deposit and the debt of the bank payable by the bailor. Each agreement on the contrary shall be null and void.
Article 374
If the bank issues a savings book, it shall be in name of the person in whose favor the book is issued, and the deposits and withdrawals shall be recorded therein. The particulars set out in the book, signed by the bank officer shall be cogent in proving the stated particulars between the bank and the beneficiary of the book. Each agreement on the contrary shall be null and void.
Article 375
Deposit and withdrawal shall be made at any branch of the bank at which the account is opened, or through the means and methods adopted by the bank regarding the opening of the account through the modern means of technology, unless otherwise is agreed.
Article 376
If the bailor has multiple accounts in one bank or branch of one bank, each account shall be independent from the other, unless otherwise is agreed.
Article 377
Subject to Article (391) hereof, the deposit contract shall not create the bailor’s right to withdraw amounts from the bank that exceed the deposited balance. If the bank makes operations that renders the balance of the bailor receivable, the bank shall advise the bailor immediately to adjust his position.
Article 378
The bank shall once monthly send an account statement to the customer, unless otherwise is agreed.
Article 379
The bank may open a joint account, including a deposit account, or any other account, between two persons or more equally between them, unless there is an agreement to the contrary is recorded with the bank. The following provisions shall be observed:
The joint account shall be opened by all holders thereof, or a person holding an authorization issued by the holders of the joint account, authenticated by a competent official body. The agreement of the holders of account shall be observed in the withdrawal.
If the balance of either holder of the joint account is attached, the attachment shall apply to the share of the attachee in the balance of account, on the day of advising the bank of attachment. In this case, the bank shall suspend the withdrawal from the joint account in an amount equal to the attached share. The partners or their representative shall be advised of imposing the attachment no later than (5) five days from the day of imposing.
Upon the setoff between different accounts of either of the account holders, the bank shall not include this account in the setoff, unless by the written consent of the remaining partners.
Upon the death or incompetence of either of the account holders, the remaining holders of the joint account shall advise the bank thereof no later than (10) ten days from the date of death or incompetence. The bank shall from the date of advising, suspend the withdrawal from the joint account within limits of the person’s share, from the account balance on the day of death or incompetence. No withdrawal shall be made from the share of the deceased or incompetent person, until a successor is appointed.
Chapter 2 - Bank Transfer
Article 3801. Bank transfer is an operation whereby the bank debits an amount to the account of the transferor and credits the same amount to another account, based on a written request from the transferor.
2. Through this operation, the following may be made:
a. Transfer of a specific amount from the account of one person to the account of another person, each of them has an account at the same bank or at two different banks.
b. Transfer of a specific amount from one account to another, both accounts are opened in name of the transferor at
3. The agreement between the bank and the transferor customer shall be regulated by the terms of transfer order. However, the transfer order shall not be made to bearer.
Article 381
If the bank transfer is processed between two branches of a bank or two different banks, the branch or the bank at which the beneficiary’s account exists shall be advised of each objection raised by a third party in respect of the transfer.
Article 382
Transfer order may apply to amounts actually credited to the account of the transferor, or amounts to be agreed with the bank to be credited to his account within specific period.
Article 383
It may be agreed that the beneficiary presents in person the transfer order to the bank at which the account of the transferor exists, in lieu of advising the bank by the transferor.
Article 384
1. The beneficiary shall own the value of the bank transfer from the time of debiting to the account of the transferor. The transferor may retract the transfer order until such debiting is made.
2. If it is agreed that the beneficiary presents the transfer order in person to the bank, the transferor shall not retract the order, subject to Article (389) hereof.
Article 385
The debt, for which discharge the transfer order is issued, shall remain outstanding with its securities and accessories until the value is actually credited to the beneficiary’s account.
Article 386
The postponement of execution of particular transfer orders may be agreed on, whether sent by the transferor directly or presented by the beneficiary, until the end of day to be executed with other orders of the same type, and shall be presented to the bank on the same day.
Article 387
1. If the balance of the transferor is less than the value set out in the transfer order, and the order is directly sent by the transferor, the bank may reject the execution. The transferor shall be notified immediately.
2. If the transfer order is presented by the beneficiary and its value exceeds the transferor’s balance, the bank shall credit to the beneficiary the partial consideration, unless rejected by the beneficiary. The bank shall mark the transfer order of crediting the partial consideration or the beneficiary’s rejection of the transfer acceptance.
3. If multiple beneficiaries present transfer orders to the bank and the value of transfer orders exceeds the balance of the transferor, they shall have the right to request the distribution of the deficit balance in proportion to their rights among them.
4. If the bank rejects the execution of the transfer order or the beneficiary rejects the transfer of the partial consideration according to Clauses (1) and (2) hereof, the transferor shall have the right to dispose of such consideration.
5. If the bank fails to execute the transfer order on the first business day following the day of presenting, the order within limits of the amount not executed shall be considered as if not made, and shall be returned to the beneficiary against receipt. If a longer period is agreed, the non-executed transfer order shall be added to the orders presented on the following days.
Article 388
If the transferor dies, the bank shall stop the execution of transfer orders issued thereby from the date of knowledge of death.
If the beneficiary dies, the bank shall continue the execution of transfer orders.
Article 389
1. If the beneficiary’s bankruptcy is declared, the transferor may suspend the execution of transfer order, even if received by the beneficiary himself.
2. The declaration of bankruptcy of the transferor shall not preclude the execution of the transfer orders issued by the transferor, if presented to the bank before the issue of the judgment of declaration of bankruptcy, unless a decision to the contrary is issued by the court.
3. The provisions of the two previous Clauses shall apply to the extent of consistency with the Bankruptcy Law.
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