|Title VII: banking contracts
Chapter 1: The bank account
Article 487: The bank account is either at sight or at term.
Section 1: Provisions common to current and term accounts
Article 488: The banking establishment must, before opening an account, verify:
– with regard to natural persons, the domicile and identity of the applicant in view of the
statements of his national identity card, the registration card for resident foreigners
or the passport or any other identity document in lieu of non-resident foreigners;
– with regard to legal persons, the form and name, the address of the registered office, the identity
and the powers of the natural person (s) authorized to carry out transactions on the account
as well as the registration number for corporation tax, trade register or corporate tax.
The characteristics and references of the documents presented are recorded by the establishment.
Article 489: In the event of multiple accounts opened to the same client in an agency or in
several branches of the same banking establishment, each of these accounts works
independently of the others, unless otherwise stipulated.
Article 490: The banking establishment can open collective accounts with or without solidarity.
Article 491: The statement of account must be kept without erasure or alteration.
A copy of the statement is sent to the customer at least every three months.
Article 492: The account statement constitutes a means of proof under the conditions provided for in
article 106 of the dahir establishing law n ° 1-93-147 of 15 moharrem 1414 (6 July 1993) relating to the exercise of
the activity of credit institutions and their supervision.
Section II: The current account
Article 493: The current account is a contract by which the bank agrees with its client to register
on a single statement their reciprocal receivables in the form of credit and debit items, including the
merger allows a provisional balance to be released at any time in favor of one of the parties.
Article 494: Unless otherwise stipulated, the following are, however, presumed excluded from the account:
1) claims secured by conventional or legal sureties;
2) claims which do not result from the usual business relationship.
Article 495: Interest runs automatically in favor of the bank.
Article 496: The statement of account clearly indicates the rate of interest and
commissions, their amount, and their method of calculation.
Article 497: The interest claim of the bank, closed every quarter, is carried over to the debit of the
account; it contributes, possibly, to the formation of a balance in favor of the bank which brings
Article 498: Receivables registered in an account lose their specific character and their
own individuality. They are deemed to be paid and therefore can no longer be the subject, separately,
payment, set-off, prosecution, enforcement or prescription.
Personal or real guarantees attached to debts entered into the account are extinguished, except for their
carry forward, by express agreement, on the account balance.
Article 499: The account agreement does not by itself entail a credit opening in favor of the
The occasional debit balance must be repaid without delay by the customer, unless agreed by
the banking establishment.
Article 500: The customer can dispose of the provisional balance in his favor at his convenience.
This balance can be entered by any creditor of the customer.
Article 501: If the bank has made an overdraft, it can only reduce or terminate it
form and deadline conditions set out in the chapter governing the credit opening.
Article 502: When a claim entered in the account results from the transmission to the bank of an instrument
trade, registration is presumed to be made only subject to receipt of the bill from
of the principal debtor. Consequently, if the instrument is not paid on maturity, the bank has the option of:
– pursue the recovery of the bill against the signatories,
– or to debit the account the cambiary claim arising from the non-payment of the instrument or its claim
common law in repayment of credit.
This debit entry entails extinction of the debt; in this case the effect is returned to the customer.
Article 503: The current account ends at the will of one of the parties, without notice when
the initiative for the termination was taken by the customer, subject to the notice provided for in the chapter governing
the opening of credit when the bank took the initiative to break it.
The account is also closed by death, incapacity, reorganization or judicial liquidation
Article 504: Closure opens a liquidation period at the end of which the balance is established
Article 505: During the liquidation period, debts arising from operations in progress on the day
of the closing are taken into account.
Their registration only entails their extinction insofar as they offset each other with the balance.
provisional existing on the closing date possibly modified since.
Section I: The term account
Article 506: The term account is only renewed on maturity at the express request of the client, and
subject to the bank’s agreement.
Article 507: The interest stipulated in favor of the customer is not paid until the due date.
Article 508: The account may be terminated early by the customer with the agreement of the bank. This
early termination entails the application of the penalties stipulated when the account is opened.
Chapter II: Deposit of funds
Article 509: The funds deposit contract is the contract by which a person deposits funds
with a banking institution regardless of the deposit process and gives it the right to
dispose for his own account in charge of returning them under the conditions provided for in the contract.
Article 510: The depositary is not released from his obligation to return if, except in the case of seizure, he
pays on an order not signed by the depositor or his agent.
He is not released from his obligation to return in the event that he would lose the funds deposited.
as a result of an event of force majeure.
Chapter III: Deposit of securities
Article 511: The purpose of the deposit of securities is to transfer securities and other negotiable securities which
remain governed by the provisions of Law No. 3 5-94 relating to certain debt securities
negotiable promulgated by the dahir n ° 1-95-3 of 24 chaabane 1415 (January 26, 1995).
Article 512: Unless expressly stipulated otherwise, the banking establishment may not use securities
deposited and exercise the prerogatives attached to them only for the sole account of the depositor.
Article 513: The banking establishment must ensure the safekeeping of securities and provide them with the care which, from
common law are required of the employee custodian.
It can only be relinquished on the written instructions of the depositor.
Article 514: Unless otherwise stipulated, the banking establishment must collect the amount of
interest, dividends, return of capital, amortization and, in general, all
sums to which the securities deposited give entitlement, as soon as they become due.
The sums collected must be made available to the depositor, in particular by registration at
his current account.
The banking institution must also obtain the securities resulting from a free allocation and the
add to repository.
He must also carry out operations tending to the conservation of the rights attached to the securities, such as
that grouping, exchange, recouping and stamping.
Article 515: Transactions which give rise to an option to be exercised by the owner of the securities are
brought to the attention of the depositor. In case of emergency and risk of loss of rights,
the warning of the banking establishment is made by a registered letter with acknowledgment of
In all these cases, the correspondence costs are borne by the depositor, in addition to the
commissions normally due.
In the absence of instructions from the depositor, received in good time, the banking establishment is required to
negotiate, on behalf of the depositor, rights not exercised by him.
This article is only applicable to securities listed on the stock exchange.
Article 516: The banking institution is required to return the securities at the request of the depositor
within the time limits imposed by the custody conditions.
In principle, the return takes place at the place where the deposit was made; it must relate to the titles
same which have been deposited, unless restitution by equivalent has been stipulated by the parties
or allowed by law.
The banking institution is required to send the depositor a statement of payment at the end of each quarter.
account of securities on deposit, whether consolidated securities or securities in account.
Article 517: Restitution must be made only to the depositor or to the persons designated by him. In
in the event of death, the provisions of article 800 of the Code of Obligations and Contracts apply,
even if the titles reveal that they are the property of others.
Article 518: Any claim concerning the securities deposited must be brought to the attention of the
depositor by the banking establishment. It only prevents the return of the disputed securities from the
following a court decision.
Chapter IV: The transfer
Article 519: The transfer is the banking operation by which the account of a depositor is, on
the written order of the latter, debited for an amount intended to be credited to another account.
This operation allows:
1) to operate fund transfers between two separate people who have their accounts with the
same banking establishment or at two different banking establishments;
2) to operate fund transfers between different accounts opened by the same person at the
same banking establishment or at two different banking establishments.
If the beneficiary of the transfer is responsible for crediting the amount to the account of a third party, the name
of this must appear on the transfer order.
Article 520: The transfer order is validly given either for sums already entered in the
account of the principal, or for sums that must be entered therein within a period of time
agreed with the banking institution.
Article 521: The beneficiary of a transfer becomes the owner of the sum to be transferred at the time
where the banking establishment debits the account of the principal.
The transfer order can be revoked until that time.
Article 522: The claim, for the payment of which a transfer is established, subsists with all
its collateral and accessories until the beneficiary’s account is actually credited with the
amount of this transfer.
Article 523: The principal’s bank is liable for the faults of the banks which it substitutes for
the execution of the transfer, whether he has chosen them or not, except his recourse against them.
Chapter V: Opening of credit
Article 524: The opening of credit is the bank’s commitment to provide means of
payment available to the beneficiary or to third parties designated by him, up to a certain
amount of money.
An occasional debit balance does not result in a credit opening.
Article 525: The opening of credit is granted for a limited period, renewable or not, or
The opening of credit with unlimited duration, express or tacit, can be canceled or reduced only on
written notification and at the expiration of a period set at the time of the credit opening, this period cannot be
less than 60 days.
The opening of credit for a limited period ends automatically at the fixed term without the bank having
the obligation to notify the beneficiary.
Whether for a limited or unlimited duration, the banking institution can terminate it without delay in the event of
notorious cessation of payments by the beneficiary or gross negligence committed in respect of said
establishment or use of credit.
Failure to comply with these provisions by the banking establishment may engage its liability.
Chapter Vl: Discount
Article 526: The discount is the agreement by which the banking establishment undertakes to pay by
bearer anticipation the amount of commercial paper or other negotiable securities at maturity
determined that this holder cedes to him in charge of repaying the amount in default of payment by the
The operation involves for the benefit of the banking establishment the withholding of interest and the collection of
Article 527: In the event of an express agreement, the parties may make the payment of
sums due to the endorser upon the fulfillment of one or more conditions precedent. In
in this case, the interest rate may be variable.
Article 528: The banking institution has, vis-à-vis the principal debtors of the bills,
beneficiary of the discount and of the other co-obligated, all the rights attached to the securities that he has
He also has, with regard to the beneficiary of the discount, a separate right to refund the sums
made available to it, plus interest and commissions.
Chapter Vll: Assignment of professional claims
Article 529: Any natural person, in the exercise of his professional activity, or any
legal person, under private or public law, may assign, by the sole delivery of a slip to a
banking establishment, any debt held on a third party, natural person in the exercise of his
professional activity, or legal person governed by private or public law.
The assignment transfers to the assignee the ownership of the assigned receivable either by
consideration for the advance of all or part of its amount, either as a guarantee for any credit that
the institution issued or will issue to the assignor.
Article 530: Notwithstanding Articles 190 and 192 of the Dahir forming the Code of Obligations and
contracts, is transferable any debt, even resulting from an act to intervene and whose amount and
the payability has not yet been determined.
Article 531: The slip is signed by the assignor.
It is dated by the assignee.
It includes the following statements:
1) the name
“ deed of assignment of professional receivables;
2) a statement that the act is subject to the provisions of this chapter;
3) the name or denomination of the beneficiary banking establishment;
4) the list of assigned receivables with an indication, for each of them, of the elements likely to
allow its individualization, in particular by mentioning the name of the debtor, his place of
payment, its amount or valuation, its due date, and, possibly, the number of
However, when the transmission of the assigned receivables is carried out by a computer process
allowing them to be identified, the slip may limit itself to indicating, in addition to the particulars referred to in 1 °,
2 °, 3 °, and, possibly, in 5 ° of this article, the means by which they are transmitted, their
number and their total amount.
In the event of a dispute relating to the existence or transmission of one of these receivables, the
assignee can prove, by any means, that the claim that is the subject of the dispute is included
in the total amount shown on the slip.
5) in the case of an assignment by way of guarantee, all information enabling the guaranteed credit to be identified.
The title which is neither signed by the assignor nor dated by the assignee, and in which one of the mentions
indicated above default does not apply as a deed of assignment of professional receivables.
Article 532: The assignment transfers to the assignee the securities which secure the claim.
The assignor is joint and several guarantor of the payment of the assigned claim.
Article 533: The schedule can be made to order. It is then only transferable to another
Article 534: The assignment takes effect between the parties and becomes enforceable against the third party on the date stated
on the slip.
From that date, the assignor may not, without the assignee’s agreement, modify the scope of the
rights attached to the claims listed in the slip.
Article 535: The assignee may, at any time, prohibit the debtor of the assigned claim from
pay into the hands of the transferor. The debtor is then validly released only from the
Article 536: At the request of the assignee, the debtor may undertake to pay him directly; this
commitment is recorded, on pain of nullity, in a document entitled
“ act of acceptance of the assignment of a professional claim.
In this case, the debtor cannot set up against the assignee the exceptions based on his reports.
personal with the assignor, unless the assignee, in acquiring the claim, has knowingly acted
to the detriment of the debtor.
Chapter VIII: Pledging of securities
Article 537: All transferable securities, whatever their form, may be subject to a
pledge which is subject to the pledge rules subject to the following provisions.
Article 538: The pledge on transferable securities can be constituted to guarantee the execution of
all obligations, even if, in the case of sums of money, the amount of the sum due is not
It may also be used to guarantee the performance of obligations which are only of a possible nature at the
when the pledge is made.
Article 539: The pledgee, already the holder of the securities entered into by another title, is deemed to be
be placed in possession as a pledge, from the conclusion of the contract.
If the pledged securities are in the hands of a third party who already holds them in another capacity, the
pledgee is not deemed to be in possession until the third party holder has them
charged to a special account which it will be required to open on first request.
For securities which have been the subject of a nominative certificate attesting to an entry in the registers
of the issuing company, the pledgee is not deemed to be in possession until the
registered the transfer of guarantee.
Article 540: If the lessor is not personally bound by the guaranteed obligation, he is not
committed only as a real surety.
Article 541: With regard to the pledgee, the third party agreed as pledge holder is deemed to
have waived any right of retention for his benefit, for all previous causes, if he has not
expressly reserved when he has accepted his assignment.
Article 542: The pledge’s privilege subsists on its date, both between the parties and with regard to third parties,
on products, reimbursed amounts or replacement securities for securities pledged.
Article 543: Any breach by the pledgeholder of his obligations results in immediate liability
of the secured debt unless it is provided as soon as possible as a replacement for the
collateral that has disappeared or been compromised, new at least equivalent real collateral.
Article 544: Is punished with imprisonment of 6 months to 2 years and a fine of 2,000 to 10,000
dirhams the pledge holder or pledge holder who, without the owner’s consent, remits
as a pledge of titles which he knows to belong to others, or which, by any means whatsoever, opposes
maliciously to the exercise of the rights of third parties holding the pledge or the rights of the pledgee.