1937 (2) TMI 10

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..... er of the Calcutta branch at a monthly salary of ₹ 60 on condition that he furnished security to the extent of ₹ 2,500 in cash. It was agreed on behalf of the company that as the petitioner would be deprived of the use of the money for the period during which it was held as security by the Bank, the Bank would indemnify him by paying interest on the money at the rate of 5 per cent per .....

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..... ad agreed to pay interest upon the security might have militated against the position taken up by the petitioner, because, in the ordinary way, if the Bank had to pay interest upon the security it might be assumed that it was intended that it should use the money in the banking business like any other deposit, so as to enable it to earn the interest which it had to pay to the cashier on his securi .....

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..... tioner and the Bank was made, namely that the Bank would hold the security deposit as trustees for the petitioner, and that a fiduciary relationship was created between the petitioner and the Bank in respect of the security deposit. The liquidators will have liberty to take the costs out of the assets, as between attorney and client. Certified for counsel.
Case laws, Decisions, Judgements, Ord .....

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