Critique on Attorney Theory on the Long-Term Bank Deposits
Author(s):
Abstract:
Many studies have been done on the nature of bank deposit, which have often considered current account as loan agreement and long-term and short-term account as proxy agreement. Also thereare some theories that considered long-term and short-term saving account as trust or deposit agreement and sometimes jointventure agreement and sometimes indefinite contracts. However, since Non-usury Operation Act 1983 and its Reform Plan 2015 both imply that saving accounts are proxy agreement, it seems that the theory of proxy agreement is to dominate the discourse. On the other hand, the Article 559 Civil Code of Iran indicates that joint-venture agreement regulations rule saving and current accounts. It seems that the dominating proxy theory has opted for the least suitable legal framework for the long-term saving account as the Civil Code has preferred joint-venture agreement to proxy agreement among nominal contracts. The proxy theory is mostly propagated by economists in order to avoid the usury issue. Therefore, there is a need to not only criticize the proxy theory and prove its incompatibility with long-term saving accounts but also suggest an alternative theory and a legal framework for saving accounts. The experience on Insurance Agreements and Labor Act in Iran law making shows that there is a potential for creating a particular nominal contract within a particular Act out of the legal framework of Civil Code and jurisprudence (Fiqh) which is in accordance with modern and industrial society. Of course, elaborating on this particular nominal contract and the details of its regulations needs to be discussed in another study. As a result, the present study concentrates on criticizing the proxy theory and examining the potential alternatives which can substitute this theory, concluding that the particular nominal contract is preferable to all the other alternatives.
Language:
Persian
Published:
Journal of Banking Law, Volume:4 Issue: 7, 2015
Page:
65
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