The implied term established in Joachimson v Swiss Bank Corporation — that demand is a condition precedent to repayment of moneys held on deposit — applies as a term implied by law to deposit accounts with non-bank finance companies where the nature and incidence of the relationship is not relevantly distinguishable from the banker-customer relationship. Accordingly, the limitation period under s 38(1)(c) of the Limitation Act 1935 (WA) runs from the date of demand, not from the expiry of the deposit term. Unauthorised debits to a deposit account do not affect the true state of the account between the parties.
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