BUS2 531 Lecture Notes - Lecture 10: Landing Vehicle Tracked, Payment, Gambling
Document Summary
Expectations: expect the money to give you your money/make payments with your money upon order. Your money in the sense that the bank has the obligation to pay you. But in fact, the fact is the bank receives deposit (borrow from the depositor) then lend it for other purposes. The ownership of your money is given to the bank during the term of the deposit. El-zayed has an account at bank of nova scotia, professional gambler, went to. Atlantic city, ran out of money, the casino asked for some security. Went to a local branch of whatever bank they have there, called the bank of nova-scotia, ask the manager to wire the fund. The manager, without ever meeting him, wired the fund to the american bank based on the instruction over the phone. El-zayed lost all the money, sued the bank of nova scotia, claiming that the bank the debited his account without proper instruction.
