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Initializing Secure Chambers
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Initializing Secure Chambers
Citation: 1971 PLD 133
Court: Lahore High Court
Year: 1970
Decision Date: 1970-12-31
Parties: AUSTRALASIA BANK LTD., LAHORE-Plaintiff vs BASHIR BARTON STORES, JUDGMENT
Case cited as PLD 1971 Lahore 133
Court Name: Lahore High Court Judge(s): Muhammad Akram, Muhammad Fazle Ghani Khan Title:AUSTRALASIA BANK LTD., LAHORE-Plaintiff vs BASHIR BARTON STORES, JUDGMENT Reported As: PLD 1971 Lahore 133 Result: Appeal accepted Judgment JUDGMENT MUHAMMAD FAZLE GHANI KHAN, J.--On the 4th of November 1954, Sh. Muhammad Bashir, Proprietor, Bashir Bartan Stores applied to Messrs Australasia Bank Ltd., Sargodha, for an overdraft facility of Rs, 20,000 against the security of stockin-trade comprising of utensils and by creating an equitable mortgage of his residential house by deposit of title deed in favour of the appellant- bank. Sh. Mohd. Bashir executed demand promissory note and other documents in favour of the bank and obtained the full facility for an overdraft of Rs, 20,000 in his favour. By a letter dated 24th of November 1954, Sh. Muhammad Bashir handed over the title deed of the site of the suit house to the bank as security for the amount due creating an equitable mortgage. The agreement between the parties was that Sh. Muhammad Bashir will deposit the sale proceeds of all goods sold from day to day with the bank in order to liquidate this debt but he failed to do so and when the time limit for overdraft had expired he applied for the extension of time but this request was not granted by the appellant-bank. The repeated reminders of the bank to adjust the accounts also bore no fruits. A request was made to the appellant-bank by Sh. Muhammad Bashir on 21st of July 1955, that…
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