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Banking Financial Legal Advice
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 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

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