Contracts in the Field of Bank Services

Under the heading "Contracts in the Field of Bank Services" we discuss letter of credit, contract of collection, contract of the bank deposit of a thing, contract of current and depository account. We use the heading and a joint paper for the contracts, in which one of the parties is, according to the Commericial Code, a bank. We realize that the banks will certainly make other Commercial Code contracts as well, including both nominate contracts (contract on credit, contracts under the second amendment to the Commercial Code (Act No. 491/1992 Coll. as amended by the Act No. 600/1992 Coll. and the Act No. 89/1993 Coll.) and innominate contracts and will also take part in the Civil Code contracts.

By the third part of the Commercial Code, called "Commercial Obligations" the contracts of the letter of credit and collection, contracts of account and the contract of the bank deposit of a thing are governed regardless of the nature of the parties. Therefore the scope of the provision does not affect merely commercial obligations between enterpreneurs (according to the Commercial Code § 261 par. 1) but is general. The provisions on the said contracts are to be applied also in the cases where the contracts are opened by an authorized person other than a bank (Commercial Code § 762).