FACTS OF THE CASE:
As given in the case, Ranjit Singh, who was the Director of Shri Ranjit Singh and Sons. Ltd. acted as the Managing Agent of Shri Vikram Cotton Mills Ltd. which will hereinafter be referred to as the Company. The Company opened a cash-credit account with the Punjab National Bank and in order that the repayment of the balance is secured at the foot of the account on 27th June, 1953, four documents were executed- three of which were executed by the Managing Agents of the Company and one by Ranjit Singh. The three documents were as follows:
(a) A promissory note for ` 13,00,000 which was payable with interest at the rate of 2.5% over the rate prescribed by the Reserve Bank of India along with a minimum rate of 6% per annum till the payment is made,
(b) A deed of hypothecation as described in the Schedule which was annexed with the document,
(c) A letter to the Bank showing that during the continuation of the agreement as substantiated in the letter of hypothecation, the Company will be solely liable for all types of damage, loss or deterioration of the securities that have been delivered to the Bank on account of fire, theft, robbery, dacoity or by any other cause whatsoever.
Ranjit Singh also enforced a deed known as the “agreement of guarantee” thereby agreeing to pay on demand all monies as “ultimate balance” that were due to the Bank from the Company.
On December 1953, the Company got dissolved. The
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It is provided under Section 128 of the Indian Contract Act that “the liability of the surety is co-extensive with that of the principal debtor, unless it is otherwise provided by the contract.” Therefore, it is imperative to consider whether according to the terms of the bond there is any particular thing which demonstrates that the surety’s liability is not co-extensive with that of the principal debtor. Few of the clauses of the bond are
In January 2005, contractors were excavating blocks of pavement to place electricity cables right at the corner of Ocean Street and Octavia Street, Narrabeen, NSW. The project was suspended due to an unanticipated discovery of a human skeleton buried underground, right beside a public bus shelter. The bones were in good state although some parts were missing. Fragments of primitive artefacts were also found around and inside the skeleton.
In this instance the government regulation to keep the school safe is interfering with Rajiv’s fundamental freedom of conscience and religion stated in section 2 of the charter, and it is doing so unjustly. While the information given in the story was scarce, there were no reports of a Kirpan being used a weapon before, any problems with weapons, or any attempt to find an alternative instead of disallowing the Kirpan completely . In the case Multani v. Commission scolaire Marguerite-Bourgeoys The Supreme Court of Canada decided that the decision to prohibit the wearing of a Kirpan to be a violation of one’s fundamental freedom. This is important because a precedent has been set by the Supreme Court of Canada. After the Multani v. Commission scolaire Marguerite-Bourgeoys case the court decided that if that given the premise a student has not used the Kirpan as a weapon before, and sincerely believes that a metal Kirpan is essential in paying respects to their religion, it is within their rights to wear one. This important as it proves that the government regulation seized Rajiv’s Kir...
Any stockholder signing the Letter of Transmittal “irrevocably and unconditionally releases, acquits and forever discharges” the Releasees from:
Twomey, D. P., & Jennings, M. M. (2013). Transfers of Negotiable Instruments and Warranties of Parties. In Business Law: Principles for Today's Commercial Environment: Southern New Hampshire University (4th ed., pp. 556-577). Mason, OH: Cengage Learning.
The contract stipulated that Herring must make a down payment, make timely payments, pay a boarding fee, not remove the horse without permission, be responsible for all incidental costs associated with the horse and give up on the contract if the payments were defaulted on.
Prior to the case of United States v. Bhagat Singh Thind, the United States implemented a naturalization law known as the Naturalization Act of 1790, in which citizenship would only be granted to “any alien, being a free white person.” And so the prerequisite cases was born, in which any immigrants who wanted to be granted citizenship would have to prove in the court of law that they were indeed “white”. The court would either use scientific evidence or common knowledge to determine if someone was white or not. But not both, due to the In Re Najour case of 1909, in which In Re Najour a dark skin syrian, was granted citizenship after proving that he was indeed “white” in which he won due to scientific evidence. But would of never been granted
Generally speaking, the legal system didn¡¦t play a very active role in this case. First of all, the India government could do more on digging the truth of the gas leak out and set a more strict standard to regulate such dangerous plants in case that another crisis. Second, I didn¡¦t see any one who worked in the Union Carbide¡¦s Bhopal plant should be responsible for that tragedy. Does it mean that all that the India court wanted was money or it just wanted to reduce trial and subsequent appeals because it might have taken more than twenty years?
provided by the government. This meant that the new bank debt would be the most senior piece in and would
The legal issue of constitution of trusts is very important, judicial decisions over the years on cases where trusts were not properly constituted indicates that constitution of trusts could be quite complex and must be very cautiously done by a property owner as a simple factor could make his trust void. An express trust is completely constituted either by effectively transferring property to trustees or by effectively declaring a trust. In case of personal property, the declaration of the trust may be put in writing; however, equity will not perfect an imperfect gift. It is only when the trust is constituted that it is binding on the settlor. The long-standing idea that equity will not perfect an imperfect gift can be traced back to the 19th century cases of Ellison v Ellison and Milroy v Lord , and was further emphasized in the 20th century in the case of Re Fry .
...el such as: purpose of the loan, maturity of the security pledged, the history of the client with the company and the unique characteristics that the bank’s customers might have.
An offer can be made to one person or a group of persons or to the world at large. The offeror is bound to fulfil the terms of his offer once it is accepted. The offer may be made in writing, by words or conduct.
In 1911, however, as a result of the outstanding debts that the company had acquired, bankers stepped in and rem...
Margalit v Standard Bank of South Africa LTD and Another , (2) SA 466 ((SCA) 2013).
He has a rich experience over 20 years in distributing Financial Services and consumer durables. He has joined Bajaj from American Express, were he worked in various positions in their personal loans and consumer card business for over 9 years. He deals with the unsecured business and personal loans of Bajaj Finserv Lending.
Deposit slip issue, online fund transfer slip issues, statement issue and entering the balancing inquiry of the customers.