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Showing contexts for: general lien in For The vs Vijay Kumar & Others) Is Relied on 28 July, 2014Matching Fragments
According to the petitioner, the value of the gold ornaments lying with the bank is far in excess of the claim of the bank in the gold loan account.
Syndicate Bank (supra) considered various authorities of the bankers' lien. After considering such parties it held as follows:
" The above passages go to show that by mercantile system the Bank has a general lien over all forms of securities or negotiable instruments deposited by or on behalf of the customer in the ordinary course of banking business and that the general lien is a valuable right of the banker judicially recognized and in the absence of an agreement to the contrary, a Banker has a general lien over such securities or bills received from a customer in the ordinary course of banking business and has a right to use the proceeds in respect of any balance that may be due from the customer by way of reduction of customer's debit balance. .................."