1.01 The relationship between a financial institution and its customer is important to an understanding of lender liability. This is because it provides a framework—albeit a loose one—which defines the rights and obligations of each party vis-à-vis their normal dealings with the other party. It, thus, sets parameters as to what a customer can expect from the financial institution, and what the financial institution’s obligations are to that customer. This is important when looking, in subsequent chapters, at the questions of: (i) the fiduciary obligations owed by...
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