Banking Law - 38. page

Right of General Lien : One of the important rights enjoyed by a banker is the right of general lien. Lien means the right of the creditor to retain the goods […]

Special Features of a Banker’s Right of General Lien : (i) The banker possesses the right of general lien on all goods and securities entrusted to him in his capacity […]

Exceptions to the Right of General Lien : As already noted the right of lien can be exercised by a banker on the commodities entrusted to him in his capacity as […]

Right of set-off : The right of set-off is a statutory right which enables a debtor to take into account a debt owed to him by a creditor, before the latter […]

Right to charge Interest and Incidental Charges, etc. : As a creditor, a banker has the implied right to charge interest on the advances granted to the customer. Bankers usually follow […]

Individuals under VARIOUS TYPES OF CUSTOMERS : Accounts of individuals form a major chunk of the deposit accounts in the personal segment of most banks. Individuals who are major and of sound […]

Firms under VARIOUS TYPES OF CUSTOMERS : The concept of ‘Firm’ indicates either a sole proprietary firm or a partner- ship firm. A sole proprietary firm is wholly owned by a single […]

Rights of the Attaching Creditor : When the garnishee deposits the attached amount in the Court, the attaching creditor (or judgement-creditor) becomes a secured creditor. In Rikhabchand Mohanlal Surana v. The […]

Application of the Garnishee Order to Various Types of Account : (a) Joint Accounts : A joint account is opened in the names of two or more persons. If only […]

Attachment Order Issued by Income-tax Authorities : The credit balance in the account of a customer of a banker may be attached by the Income-Tax authorities, if the former defaults in […]