Landmark case · Law of Banking and Negotiable Instruments · Semester 5

Foley v. Hill

(1848) 2 HLC 28 · House of Lords

Money deposited with a banker becomes the banker's money; the relationship is debtor and creditor, not trustee and cestui que trust.

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Related sections:

Banking Regulation Act, 1949, 5(b) — Meaning of banking (accepting deposits for lending or investment)
Negotiable Instruments Act, 1881, 5–6 — Bill of exchange and cheque
Constitution of India, 19(1)(g) — Occupation of banking as a trade subject to regulation