This document is a letter of request for a bank to take charge of a client’s valuables. Practitioners should note that banks will usually require the client to sign a pro forma letter of request drafted by the bank.
Letters of request
Where banks take charge of valuables on behalf of clients, they may require clients to provide a letter of request which in effect:
- formally requests the bank to take charge of the valuables;
- describes the valuables; and
- excludes the bank from liability for loss of the valuables. Clauses purporting to exclude liability are not always enforceable. For example, in Australia one cannot contract out of criminal behavior.
Practitioners should note that banks taking charge of client’s valuables are considered bailees and the laws applying to bailment will apply to these transactions.
- Letter of authority to open joint bank account
This document has been authored for Lexis Nexis by Elise Margow, Principal, Legally Speaking.
This documentt is prepared with the assistance of Specialist Editors Geoff Geha, Partner, Clayton Utz and Karen Lee, Principal and Consultant, Legal Know-How.