COMM 315 Lecture Notes - Lecture 4: Time Deposit, Fiduciary, Cash Register
14 Apr 2018
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Answer: bank should have been more [2138] prudent and diligent; it wasn"t prudent cash out the account, and the bank wasn"t diligent in its duty as agent to let funds be taken out before interest accrued. Bank guilty, has to pay missing funds to estate. Dr. dowell: good credit, so owns building for joseph. Notary hay-ellis: not paying attention to pay-outs for building maintenance. k to notary for expenses (j really owns it, but looks like dr owns it on paper) or lose his money, so. Ratio: was notary guilty of not [2138] exercising prudence and diligence for his [2130] mandate from the dr, argument: notary says it"s really j"s money, so he could release the dr"s funds to j whenever j wanted. Decision notary guilty, has to pay improperly paid out funds back to dr. 146400 canada inc. vs. network transport ltd. (p. 70)
