Bankers lien implied pledge” discuss briefly?-Which situations are not covered by bankers lien?-What do you mean by Negative Lien?-What are the distinguish between Lien & other charges?
“Bankers lien implied pledge” discuss briefly.
Ans. As a general rule, the of lien does not give the person exercising the right, any power of right to sell or dispose off the security retained. But in case of Bankers, it is otherwise. In case of Banker, lien is implied pledge as because through lien Bankers not only get the right to retain the goods but also to sell the goods or securities after reasonable notice for full adjustment of liability, provided the property comes in to his hands in the ordinary course of business.
Section 171 of Contract Act lays down that a bankers can be implied if:
i). The property in the hands of the bankers is as capacity of his customers banker.
ii). The instrument of the money or goods with the bankers are not for a specific purpose inconsistent with lien.
iii). The possession of the instrument or goods has been obtained by banker in a lawful manner.
iv). No contract is available on the contrary.
Which situations are not covered by bankers lien?
Ans. i). It does not extend to securities which do not belong to customer & if the banker aware of it.
ii). Articles of goods deposited by the owner for safe custody.
iii). Securities of valuables lying in safe deposit locker.
iv). Securities deposited for sale, collection of interest, dividend etc. Though he will not be able to exercise his right of lien on Government Promissory Notes and shares, but he is entitled to do so for any interest earned and the dividend collected.
v). A banker has no lien on it’s fully paid up shares but on partly paid up shares.
vi). A banker has no lien on insurance policy pledged as security for loan as soon as debt is repaid.
vii). Where a bankers discount bill, he does not have lien on the current account balance of the said account of his customer.
viii). Conveyance of land is not subject to this lien but title of deeds left without a Memorandum of Deposit are subject to such lien.
ix). Fixed deposit for collection of interest from other Bank, In the case, interest collected will fall under his right of lien.
x). Security deposit upon a particular trust.
xi). Any security left in bankers hand to cover a proposed advance which is subsequently declined.
xii). Securities left inadvertently with the Bank by the owner.
xiii). A Banker cannot forfeit share in satisfaction of debt due by shareholders. xiv). A bank does not have lien over the credit balance lying in a customers account. The banker’s right in such case is a right of set off.
What do you mean by Negative Lien?
Ans. The Banker sometimes asks a borrower to execute a letter declaring that his assets are free from encumbrance/burden at the time of advance is made. The borrower also undertakes that the assets stated in the said letter shall not be encumbered or disposed of without the banks permission in writing so long as the advance continues. The undertaking is called “Negative Lien”.
What are the distinguish between Lien & other charges?
Ans. Lien is differentiating from other charges while it is a creation of law under certain circumstances without any agreement whatsoever between the parties & on the contrary all other charges originated as a result of agreement between the parties. Lien is a defensive right not enforceable at a court of law, while others are positive right.
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