Correct, you are the first creditor to their money.
Either way, he would have a transaction number, date, and amount; making recovery trivial. Not recovering it, when he has proof of the deposit, would be easily actionable to the point that the bank would not consider ignoring it.
Are you certain? In 2013 there was a "bail in" for Banks in Cyprus. Money was just taken
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I'm certain for US jurisdictions.
Well, I'm English so I won't definitively disagree with you. I will however say, don't put it to the test.
If possible always live in your overdraft
