What is the legal relationship between banks and depositors? Part I of II
Bank Act: Banks shall not carry on business in Canada after June 30, 2026.
Disclaimer
I personally do not advocate any process or procedure contained in any of my human publications. Information presented is not intended to provide legal, lawful, financial or medical advice, diagnosis, treatment, cure, nor prevent any disease. Views expressed are for educational purposes only. I surround, protect, purify and make harmless the following information.
Bank closures
Are you aware of bank policy changes and massive branch closures world-wide? Perhaps search banks and/or branch closures where you live.
Basel III: A revolution no one noticed
The Basel Committee on Banking Supervision (BCBN) on December 7, 2017 published documents on their website dedicated to completion of work on post-crisis reforms included in Basel III standards. Basel III is a key element of BCBN policy in the wake of the global financial crisis 2008–2009 to improve sustainability of banking systems in G 20 countries. Click ‘English’ to translate https://www.cbr.ru/press/pr/?file=06022018_120000ik2018-02-06t11_55_45.htm
Engineered financial crisis 2008-2009
What is the legal relationship between banker, creditor and debtor?
John Tomlinson
Circa 2010
Two important questions need to be asked:
1) Why should taxpayers guarantee the gambling instincts of bankers?
2) Is it not now the time to stop merely trying to mitigate the risk and, instead, to remove it altogether, make all current account deposits absolutely safe and lift this foolish and unnecessary burden from the taxpayer? The most direct way to remove the risk altogether is to reverse those judicial rulings of the 1800’s and return the title to their deposits to depositors. [Links below] Continues at https://www.nassauinstitute.Sorg/files/CombinedEvidencetoIndependentCommissiononBanking.pdf
Foley v Hill and Others 1848, House of Lords 1847-66 (pages 28 and 36-7)
The money placed in custody of a banker is, to all intents and purposes, the money of the banker, to do with it as he pleases; he is guilty of no breach of trust in employing it; he is not answerable to the principal if he puts it into jeopardy, if he engages in a hazardous speculation; he is not bound to keep it or deal with it as the property of his principal; but he is, of course, answerable for the amount, because he has contracted, having received that money, to repay to the principal, when demanded, a sum equivalent to that paid into his hands.
In plain simple English – bankers cannot be prosecuted for breach of trust, because it owes no fiduciary duty to the depositor / customer, as he is deemed to be using his own money to speculate etc. https://uniset.ca/other/css/9ER1002.html
Carr v Carr 1811 (reported in Merivale (541 n) 1815 – 17)
A bank has current creditors: on the whole, these are people like you and me who have our salaries or savings paid or deposited into our accounts on our behalf. We do not actually “own our money” that is deposited in the bank. The bank does.
This is a very well established point of law. Since 1811 in Carr v Carr, this has been the case. So you and I are the current creditors to the bank i.e. we are owed money by the bank. In fact your bank statement is just an IOU from the bank acknowledging that it owes you however much it says on the statement on demand. https://vlex.co.uk/vid/carr-v-carr-806859661
Bank deposit confiscation
By Matthias Chang
Apr 24, 2013
Your faith in the integrity of the bank is likely almost absolute. Money in the bank would earn interest income. When you want your money back, all you needed to do is withdraw the money together with accumulated interest. Never for a moment did you think you had transferred ownership of your money to the bank. You were led to believe a lie through savvy advertisements by the banks and government assurances that your money is safe and protected by deposit insurance.
Your status is that of A CREDITOR TO THE BANK and the BANK IS IN LAW A DEBTOR to you. You are deemed to have “lent” your money to the bank for the bank to apply to its banking business.
Bank deposit insurance
You have become AN UNSECURED CREDITOR. Therefore, by law, in the insolvency of a bank, you as an unsecured creditor stand last in the queue of creditors to be paid out of any funds and or assets the bank has to pay its creditors. The secured creditors are always first in line to be paid. It is only after secured creditors have been paid and there are still some funds left (usually, not much, more often zilch!) that unsecured creditors are paid and the sum is pro-rated among all the unsecured creditors. Continues at https://www.globalresearch.ca/no-bank-deposits-will-be-spared-from-confiscation/5332743
Part II Bank Act [in Canada]
Sunset provision 2026
21 (1) Subject to subsections (2) and (4), banks shall not carry on business, and authorized foreign banks shall not carry on business in Canada, after June 30, 2026.
https://laws-lois.justice.gc.ca/eng/acts/B-1.01/section-21.html?txthl=day+30
Personal
Since Feb 2024 I’ve had no response from the bank holding my annuity. April 2026, I booked an appointment with the manager of a local branch who knew nothing about the Sunset provision. During our visit the branch manager contacted someone at head office who was unaware of the Sunset provision. As of today May 22, 2026 no response. Doreen
Without prejudice and without recourse
Doreen Agostino
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