What Is The Procedure When There Exists Two Accounts Or More Than Two Loans Have Been Taken From The Bank?
What is the procedure when there exist two accounts or more than two loans have been taken from the bank?
Free Legal Advice - banking financial
Posted by: Akshay Tyagi
Posted on: 2018-09-19
There exists banker’s Right of appropriation. Sections 59 to 61 of the Indian Contract Act,1872, contain the provisions regarding right of appropriation of payments. According to section 59, such right is vested in the debtor, who makes a payment to his creditor to whom he owes several debts. A banker will appropriate the payment under Right of Appropriation by an express intimation, under circumstances implying that the payment is to be applied to discharge some particular debt
Talk to Top Rated Lawyer
Some issues just cant wait. If you need a resolution right away, then use our quick consult option to speak with our Lawtendo lawyers immediately at a small fee of Rs 600.
Talk to a LawyerBOOK A SERVICE
Related Legal Questions
Free Legal Advice - banking financial
How to file complaint against bank for disclosing customer details?
Posted by : Anish Gupta
Posted on : 2018-09-19
Free Legal Advice - banking financial
What are the formalities for creation of mortgage?
Posted by : Abhishek Singla
Posted on : 2018-09-19
Free Legal Advice - banking financial
What is the procedure to send legal notice on cheque bounce?
Posted by : Prateeka Singh
Posted on : 2018-09-19
