KS Na­galam­bika ver­sus Cor­po­ra­tion Bank

Consumer Voice - - Right Of Lien -

In this case be­fore Na­tional Com­mis­sion, the plain­tiff had de­posited money with the bank and ob­tained fixed de­posit re­ceipts in his name. On ma­tu­rity, the said de­posits were not paid by the bank on the ground that the plain­tiff was a surety for a loan taken by his wife and the amount of the de­posits was ac­cord­ingly ad­justed by the bank to­wards the loan ac­count of the wife.

Re­ly­ing upon the de­ci­sion of the Supreme Court (Syn­di­cate Bank ver­sus Vi­jay Ku­mar), the Com­mis­sion held that the bank un­doubt­edly had a lien over the de­posits. The bank was en­ti­tled to with­hold the ti­tle deed till the loan guar­an­teed by the com­plainant was re­paid. Hence, the pe­ti­tioner in the present case did not get any re­lief from the Com­mis­sion.

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