bank error
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A bank paid a duplicate payment of interest to a sharehloder, then after three years the bank sent a letter to the holder asking for the money back.
Is there any statue of limitaion on Bank error, and what is the penalty if the share holder refuse to return the money.
Please provide supporting reference to your answer
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Solution Summary
The expert determines if bank claim money from customers after three years due to bank errors are provided.
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Can bank claim money from customer after 3 years due to bank error
A bank paid a duplicate payment of interest to a shareholder, then after three years the bank sent a letter to the holder asking for the money back.
First, we should examine the nature of the contract of the bank with the shareholder. Was there an open-ended account with the bank? If so what were the terms of payment to the shareholder. Usually, a shareholder is paid a dividend and not interest.
If we assume that he person was an accountholder and not a shareholder then the nature of the contract has to be examined. Was it a written contract? or was it an open-ended account? Usually, a savings bank account is an ...
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