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Judgment Search Results Home > Cases Phrase: pawnee contract Court: drat madras Page 2 of about 53 results (0.020 seconds)

Aug 29 2005 (TRI)

State Bank of Hyderabad Vs. M. Somasundaram

Court : DRAT Madras

Reported in : I(2006)BC62

..... mentioned in the sale deed and could not be by mere implication. the property was not sold subject to encumbrances and therefore in the absence of a contract to the contrary the vendor was under an obligation to discharge the encumbrances".8. the learned advocate for the respondent has further submitted that sub-clause (g ..... to indicate that the property was sold on a contract to the contrary as stated in section 55 or subject to any encumbrance.5. coming to the modes for recovery of the debts under rddb&fi act, ..... property upto the date of sale and the vendor is liable to pay those charges. the only exception is that if the property is sold on a contract to the contrary as stated in section 55, the seller is not liable to pay these amounts. but in the instant case, there is no material ..... proper conveyance of the property when the buyer tenders it to him for execution at a proper time and place; (e) between the date to the contract of sale and the delivery of the property, to take as much care of the property and all documents of title relating thereto which are in his possession ..... section 55 of the transfer of property act deals with the rights and liability of the buyer and seller which is as under- in the absence of a contract to the contrary, the buyer and the seller of immovable property respectively are subject to the liabilities, and have the rights, mentioned in the rules next following .....

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Sep 08 2005 (TRI)

State Bank of India Vs. Regional General Manager, the

Court : DRAT Madras

Reported in : IV(2005)BC244

..... complied with except in case of obvious fraud of which the bank has notice. the existence of dispute between the parties and the primary contract or the possibility of a reference of these disputes to arbitration or the pendency of proceedings on such a reference have absolutely no relevance to the obligation of the bank ..... created by the document itself. once the documents are in order, the bank giving guarantee must honour the same and make payment without any demur. the guarantee is an autonomous contract and imposes an absolute obligation on the bank in its terms and the bank is bound to pay when called upon to do so as long as the terms are ..... guarantee is given effect to. in our case, the guarantee is unconditional and as a matter of fact, the bank had undertaken to honour the contract without any reference to the buyer. the solemn undertaking given by the bank cannot be breached. hence, i am unable to agree with the arguments advanced on behalf of the ..... v.vijaya kumar and ors., i 4. it is a well recognised principle of civil jurisprudence that a contract of guarantee by a bank in favour of the beneficiary is an independent contract in between the bank and the said beneficiary and the said contract can always be enforced by the beneficiary by invoking the bank guarantee at any time during the subsistence .....

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May 22 2002 (TRI)

Punjab National Bank Vs. Kaveri Food Products (India) Pvt.

Court : DRAT Madras

Reported in : II(2003)BC44

..... to pay interest with monthly rests. the applicant bank has claimed interest with monthly rests only upto 14.3.1976 and thereafter with quarterly rests. only as per the contract and on the loan documents the applicant bank has claimed interest with monthly rests upto 14.3.1976 and thereafter with quarterly rests. since the parties are governed by documents ..... that charging of interest on monthly rests by the applicant bank for the period 1973 to 1976 based on the document is justified and the defendants are bound by the contract. the promissory note executed (ex. a-3) shows interest with monthly rests. similarly, ex. a-4 also shows the rate of interest on monthly rests basis. so there was agreement ..... monthly rests but the presiding officer, drt, has passed the order in the original application (oa) as quarterly rests and it is not sustainable and it is opposed to the contract. he further submitted that if the interest at monthly rests upto 14.3.1976 is calculated and thereafter with quarterly rests, the total difference as on date comes to rs .....

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Jul 12 2005 (TRI)

Federal Bank Limited Vs. Sri Sathya Prakash kavitha and

Court : DRAT Madras

Reported in : III(2005)BC196

..... of a past transaction is a sufficient consideration to the surety for giving the guarantee. but, however, illustration (c) to section 127 of the contract act states that if the consideration was passed earlier and the surety agrees to pay the amount in default of the principal debtor without passing consideration contemporaneously ..... , without consideration, agrees to pay for them in default of b. the agreement is void." on a plain reading of section 127 of the contract act, it would not give room to any doubt, that if the guarantee agreement executed is for the benefit of the principal debtor then it ..... is a subsequent act. i am of the opinion, that by such execution of the guarantee agreement, the 2nd defendant had the consideration for the contract. when that is established and accepted, there would not be any difficulty in fixing the liability to the 2nd defendant, who is the guarantor.8 ..... for the benefit of the principal debtor and it is a sufficient consideration to the surety for giving guarantee as postulated in section 127 of the contract act, 1872, which reads as under: "consideration for guarantee.--anything done, or any promise made, for the benefit for the principal debtor, may ..... debt, default or miscarriage of another as distinguished from an original and direct engagement for the parties" own act. for the validity of a contract of guarantee it is adequate consideration if anything is done or any promise made for the benefit of the principal debtor. the creditor must have .....

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Mar 08 2002 (TRI)

Mafatlal Gagalbhai Textiles Ltd. Vs. Canara Bank and ors.

Court : DRAT Madras

Reported in : II(2003)BC66

..... as 3rd defendant. as rightly pointed out by the learned counsel for the respondent bank, the proposed party is not at all a debtor and there is no privity of contract between the bank and the proposed party.5. an application to the tribunal under the act will lie where a bank or a financial institution has to recover any debt ..... parly must be added as a party to this oa to have proper adjudication in the matter.4. counsel for the respondent-bank submitted that there is no privity of contract between the bank and the proposed party. no agreement has been entered into between the appellant and the proposed party and the bank is not at all concerned with regard ..... to be impleaded as party 3rd defendant in the oa.the bank filed objections contending that the proposed 3rd defendant is not a debtor and there is no privity of contract between the bank and the proposed 3rd defendant. it further contends that the bank is not a party to any of the lease agreements and m/s. shamanur estates is .....

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Jul 21 2005 (TRI)

Kailash Chandra Gaur Vs. Central Bank of India and ors.

Court : DRAT Madras

Reported in : I(2006)BC194

..... remedy of the surety himself against the principal debtor is thereby impaired and the surety is discharged as provided under sections 139 and 141 of the contract act. to strengthen this position, the appellant relied upon the case of state bank of saurashtra v. chitranjan ranganath raja and anr. and state ..... the guarantee. the bank also did not reserve any right to adjust the future credits towards subsequent advances. that in the absence of any contract in the contrary, all subsequent credits would go to discharge the earlier debt, which existed prior to the date of revocation and if this ..... the directorship of the 1st defendant company and the request for revocation of the guarantee, would not absolve him from the liability as the contract between the appellant and the respondent bank is a continuing guarantee. the claim against the appellant is also not barred in view of clause 2 ..... can be revoked at any time but only in respect of the future transactions by notice to the creditor as postulated in section 130 of the contract act. nothing is immortal in this world. all creations are subjected to decay and destruction guarantee is also liable to revocation. as such, continuing ..... the learned advocate for the appellate contended that the appellant is not liable to pay the debt, on the question of limitation, substitution of contract, laches and negligence and public policy.except the loans obtained by the 1st defendant company for which the appellant stood surety under exhs. a-23 .....

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Aug 09 2005 (TRI)

State Bank of India Vs. Monarch Cyber Solutions Limited

Court : DRAT Madras

Reported in : IV(2005)BC204

..... general terms in section 128 of the act is no doubt co-extensive with that of the principal debtor, but this liability is also subject to the terms of the contract; because section 128 of the act itself specifically provides that the liability of a surety is co-extensive with that of the principal debtor unless it is otherwise provided by ..... the contract act. this is the view taken in the case of t. raju setty v. bank of baroda, , wherein, it was held that, "the liability of the surety as stated in ..... , the appellants contention is that the guarantors bind themselves in clause (7) of the agreement that the guarantors will not claim any benefit under sections 140 and 141 of the contract act and thereby waived their right. in such an event, it cannot be stated that the said waiver is also against the public policy as contemplated under section 23 or ..... faith or belief that the bank has taken and/or may hereafter take any or other such security and that notwithstanding the provisions of sections 140 and 141 of the contract act, 1872 or any other section of that act or any other law, the guarantors will not claim to be discharged to any extent." 7. pointing out this clause in .....

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Dec 30 2005 (TRI)

N. Sanjeeva and anr. Vs. State Bank of Travancore

Court : DRAT Madras

Reported in : II(2006)BC158

..... including the liability of this defendant. the respondent-bank also entered into an agreement with the first defendant without any reference to this defendant which amounts to a novation of contract and thereby the liability of this defendant was relinquished and discharged. the defendant also denies execution of any revival letter, balance confirmation letter, as stated by the respondent-bank and ..... the first defendant after the dissolution of the partnership without the consent of the third defendant, he is discharged by the said variance of the new contract, irrespective of any agreement said to have been executed by the third defendant. as such, the third defendant is also not liable to pay any amount to the respondent-bank. ..... it is, therefore, contended that it is clear novation of the contract, which discharges the appellants from the liability. section 62 of the contract act deals with novation of contract, which states, "if the parties to a contract agree to substitute a new contract for it, or to rescind or alter it, the original contract need not be performed". the third defendant who stood as a ..... guarantor also stands discharged by variance in terms of the contract, as the said variance was done without his consent as provided under section 133 of the contract act which states, "any variance made without the surety's consent, in the terms of the contract between the principal debtor and the creditor, discharges the surely as to transactions subsequent .....

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Jul 29 2005 (TRI)

G. Krishnappa and ors. Vs. Sangli Bank Ltd. and ors.

Court : DRAT Madras

Reported in : IV(2005)BC136

..... failure to protest is not acquiescence. (3) the prevalence of banking practice legitimatises stipulations as to interest on periodical rests and their capitalisation being incorporated in contracts. such stipulations incorporated in contract voluntarily entered into and binding on the parties shall govern the substantive rights and obligations of the parties as to recovery and payment of interest.the learned ..... that is, a debtor entering into a fresh agreement with creditor undertaking payment of previously borrowed principal amount coupled with interest by treating the sum total as principal, any contract express or implied and an express acknowledgement of accounts are best evidence of capitalisation. acquiescence in the method of accounting adopted by the creditor and brought to the knowledge ..... liability on the guarantors. it is, therefore, submitted that letters of guarantee in exhs. a21, a23 and a28 are not legal and valid as section 142 of the contract act states, "any guarantee which has been obtained by means of misrepresentation made by the creditor, or with his knowledge and consent, concerning a material part of the transaction ..... states that, "the plaintiff may at his option, join as parties to the same suit all or any of the persons severally, or jointly and severally, liable on anyone contract, including the parties to bills of exchange, hundis and promissory notes". section 25 of the indian partnership act, 1932, states that, "every partner is liable, jointly with all .....

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Sep 29 2005 (TRI)

Indian Bank Vs. Humera Mumtaz and ors.

Court : DRAT Madras

Reported in : I(2006)BC72

..... the guarantors are liable, there is no dispute about the same this clause in the agreement has got the legal sanction under section 129 of the indian contract act, 1872, which states, "a guarantee which extends to a series of transaction, is called a continuing guarantee." but the section does not say ..... acknowledgement made by the borrower would renew the liability of the guarantors, is outside the scope or the limitation act, 1963, as well as indian contract act, 1872.12. as far as the other contention raised by the appellant that the agreement of guarantee executed by defendants 3 and 4 is a ..... in the very nature of things will be unjust and unconscionable. this kind of danger is intended to be prevented or eliminated by section 23 of the contract act also, which reads, "the consideration or object of an agreement is lawful, unless. it is forbidden by law; or is of such nature, ..... was introduced only to meet their administrative convenience, which cannot be a law. such a clause in the agreement has no legal sanctity also.the indian contract act, 1872, does not approve any such acknowledgement nor the limitation act, 1963, admits such a position.for each and every borrowing or debts or ..... guarantee executed by 3rd and 4th defendants, they have consented to the bank for making any variance as the bank think fit in terms of the contract with the borrower including enlarging or varying the credit limits. under clause-9 of the agreement, they have further agreed that, "the guarantors also .....

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