Economics · Banking Law and Practice

Consider the following statements regarding the legal relationship between a banker and a customer: Statement 1: The relationship of debtor and creditor begins the moment the banker accepts a deposit, but it is unique because, unlike an ordinary commercial debt, the customer must make an explicit demand for payment at the specific branch during business hours. Statement 2: When a customer provides a specific mandate to purchase securities, the bank acts as an Agent under a fiduciary relationship. Statement 3: Upon a customer's death, the debtor-creditor relationship immediately transforms the bank into a Trustee for the legal heirs before any notification. Which statement accurately describes the unique procedural requirement that distinguishes a bank's debt to its customer from an ordinary commercial debt?