n Tydskrif vir die Suid-Afrikaanse Reg - The law relating to bankers' references in South Africa : aantekeninge
|Article Title||The law relating to bankers' references in South Africa : aantekeninge|
|© Publisher:||Juta Law Publishing|
|Journal||Tydskrif vir die Suid-Afrikaanse Reg|
|Affiliations||1 University of KwaZulu-Natal|
|Publication Date||Jan 2013|
|Pages||522 - 529|
ISI Social Science
A banker's reference (also called a status opinion or banker's report) essentially consists of "information given [by the bank] in confidence as to the respectability and financial standing of a particular person or business concern" (Weerasooria Banking Law and the Financial System in Australia (1993) 519). The reference may either take the form of a typed report or it may be given in the form of a code which is generally used and understood by banks (see generally Goosen et al Banking in the New Millennium (1999) 244; Fourie "Confidential bank reports" 1995 SA Banker 28 30; Hood Principles of Lender Liability (2012) 90). A banker's reference normally arises in two main situations. Firstly, a bank may be requested by its customer to obtain a reference on the creditworthiness of a third party. This is one of the services that it normally offers to its customer, which is ancillary to its main banking business. Secondly, a bank may be requested by a third party to provide a reference on one of its own customers.
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