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

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at Lawtendo.com and has been responded by one of the banking financial at Lawtendo.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at Lawtendo.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail. .

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 Lawyer

सेवा बुक करें