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Banking Activity

October 7, 2010 the Trial Chamber on Civil Cases of the Supreme Court of Ukraine held a generalization of judicial practice to deal with civil cases arising from the credit relationship (2009-2010) (Excerpts) The contract of bank deposit (Deposit) one party (the bank), which took the request by the other party (the depositor) or go for it a sum of money (deposit) received shall repay the deposit amount and interest thereon or other form of income on conditions and procedures established by the contract (Part 1 of Art. 1058 CC). Time, an analysis of existing laws and other legal acts of Ukraine gives grounds to conclude that there is not only a civil law definition deposit agreement, but the disclosure of its features on the basis of special legislation. Thus, the contribution (deposit) – this means in cash or via bank transfer in Ukrainian currency or foreign currency, placed customers in their registered accounts at the bank on a contractual basis for a certain period of storage or without such period and shall be payable to the depositor in accordance with Ukrainian legislation and the terms of the agreement (Article 2 of the Law of Ukraine "On Banks and Banking Activity"). A bank deposit is real, for compensation contract, ie one that is concluded at the time of the bank from a depositor or a third party in favor of the depositor amount of money. The contract of bank deposit (deposit) of one side is the only financial institution (bank) and the second party (the investor) – can be both natural and legal persons.

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