Does a bank have an obligation to a payee who has opened a bank account?
Canada (Federal), Canada
The following excerpt is from Canada Trustco Mortgage Co. v. Canada, [2011] 2 SCR 635, 2011 SCC 36 (CanLII):
This approach is consistent with the reasoning in Foley v. Hill. A banker’s obligation arises out of the debtor-creditor relationship created when a bank account is opened. The payee is not a party to this contractual relationship, and the mere fact of being a payee does not entail such a relationship with the drawee.
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