What is the relationship between a bank and customer when a locker is rented out by a bank to a person:

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Bailor and Bailee
B	Bailee and Bailor
C	Principal and Agent
D	Lessee and Lessor

Explanation:

Detailed explanation-1: -Ans: The relationship between the bank and the locker holder is that of Licensor and Licensee. Underlying facility is an agreement between the Bank (licensor) and the customer (Licensee) allowing use of the former’s locker by the latter.

Detailed explanation-2: -Notes: When a customer hires a safe deposit locker from the bank, the relation between the bank and the customer is lessor and lessee. The bank is the lessor (licensor) and the hirer of safe deposit locker is the lessee.

Detailed explanation-3: -The customer becomes a pledger and the bank is pledgee. The security of the customer will remain in the custody of the bank until the person repays the money from the loan taken by him from the bank. The relationship between a banker and a customer can also be understood as a pledgee and a pledger.

Detailed explanation-4: -The legal relationship between a customer and the bank is based on contract and is generally classified as a debtor-creditor relationship. This means that when a bank or other type of ADI accepts money from a customer it does so as a borrower on terms that may be implied.

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