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Judgment Search Results Home > Cases Phrase: pawnee contract Court: drat madras Page 3 of about 53 results (0.016 seconds)

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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May 06 2002 (TRI)

A.V. Exhibitors and ors. Vs. Corporation Bank

Court : DRAT Madras

Reported in : I(2003)BC92

..... would be adjudged so. the principal sum adjudged would be the sum actually loaned plus the amount of interest on periodical rests which according to the contract between the parties or the established banking practice has stood capitalized. interest pendente lite and future interest (i.e. interest post-decree not exceeding 6 percent ..... be stated that the respondent bank has charged more interest. even under the pronote it is specifically stated as compounded with quarterly rests. so the contract provides for compunded with quarterly rests.only at the rate prescribed by the rbi the bank has claimed interest till the date of filing of the suit ..... maintained by banks in conformity with rbi directives." 9. so it cannot be stated that the respondent bank has violated the terms and conditions of the contract and has charged more interest. the rate of interest prescribed by the rbi is a fluctuating one and the rate of interest may not be uniform ..... given by the rbi during the relevant period of time and interest charged, is proper.6. counsel for the appellants submitted that only as per the contract under ex. p3 the bank has to charge interest and beyond that the bank has no right to charge and if the bank wants to charge ..... on the wordings contained in the pro-note and contends that the bank is not entitled to charge any more interest than the interest as per the contract as mentioned in the pronote. in ex. p3, the interest is mentioned at 5% per annum over and above the bank rate subject to a .....

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Apr 20 2004 (TRI)

S. Sethuraman Vs. Central Bank of India

Court : DRAT Madras

Reported in : IV(2007)BC34

..... or condition made in the appellant's letter, would not amount to acceptance by the respondent bank as there is no absolute acceptance as required under section 7 of the contract act.6. the contention of the appellant also, cannot be accepted for the other reason that the respondent never agreed to accept the ots made by the appellant. it is ..... by the tribunal.in any event, there was no consensus ad idem also between the parties.further, any acceptance must be absolute as required under section 7 of the indian contract act, 1872, which states, "in order to convert a proposal into a promise the acceptance must- (2) be expressed in some usual and reasonable manner, unless the proposal prescribes the ..... accepted the sum of rs. 20 lakh in full satisfaction of their claim and duly discharged the promissory note by endorsing full satisfaction thereon. therefore, section 63 of the indian contract act, 1872, apply as there is an accord and satisfaction and the suit of the appellants was liable to be dismissed. it accordingly allowed the appeal and dismissed the suit ..... and, therefore, it should be presumed that a settlement has been reached between the appellant and the respondent. appellant also relies upon illustration 'b' in section 63 of the indian contract act, 1872, which states, "every promisee may dispense with or remit, wholly or in part, the performance of the promise made to him, or may extend the time of such .....

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Feb 16 2006 (TRI)

H.B. Jayaraj Vs. State Bank of Hyderabad and ors.

Court : DRAT Madras

Reported in : IV(2006)BC13

..... no longer subsisting and the entire matter was reopened and the bank having accepted the guarantee given by the state of karnataka, there is a deviation, novation of the original contract, and therefore the 3rd defendant, who was the original borrower, was not liable to pay any amount. under the deed of guarantee, the applicant bank agreed to recall the notices ..... whether 3rd defendant/appellant is absolved from the liability by virtue of the guarantee executed by the state of karnataka.7. contract of guarantee is defined under section 126 of the indian contract act, 1872, which states, "a 'contract of guarantee' is a contract to perform the promise, or discharge the liability, of a third person in case of his default." here the state .....

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Apr 10 2002 (TRI)

U. Mahesh Kumar Vs. Bank of India

Court : DRAT Madras

Reported in : II(2003)BC91

..... of the goods through court. clause 10 clearly provides for this. the bank is at liberty to bring the hypothecated goods for sale either to be auctioned or by private contract or otherwise dispose of the hypotheca in such manner and upon such terms and conditions as the bank shall think fit and applying the net sale proceeds towards repayment or ..... thereupon forthwith or at any time and from time-to-time but after giving not less than 48 hours notice at least to sell either by public auction or private contract or otherwise dispose of or deal with the hypotheca in such manner and upon such terms and conditions as the bank shall think fit and to apply the net sale .....

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Sep 12 2003 (TRI)

Andhra Bank Vs. Valluripalli Nagarjun and anr.

Court : DRAT Madras

Reported in : I(2004)BC223

..... amount is set aside and contractual rate of 16% is granted and functioning of co-operative societies will come to standstill if they are not able to collect interest at contract rate." relying upon these decisions, the counsel for appellant bank submitted that the appellant bank is entitled for the contractual rate of interest pendente lite.5. the counsel for the ..... decree and section 34 confers the discretion on the court to award or not to award interest or to award interest at such rate as it deems fit de hors contract between the parties and the discretion has to be exercised fairly, judiciously and for reasons and not arbitrarily or fancifully" the apex court in the constitutional bench of larger bench .....

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Oct 31 2005 (TRI)

U. Krishnan Vs. Syndicate Bank and ors.

Court : DRAT Madras

Reported in : I(2006)BC222

..... this defendant is a continuing guarantee and the revocation, if any, of such guarantee would hold good only in respect of future transaction as stated in section 130 of the contract act, and therefore, this point is answered against the appellant.10. the other point which has got to be answered is whether the claim is ' barred by time. a perusal ..... guarantee executed by the appellant is a continuing guarantee and that the liability of the guarantor is co-extensive with that of the principal debtor under section 128 of the contract act, 1872, the liability of the appellant is not barred by time. on that ground also, the plea of the appellant is liable to be rejected.

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Jan 24 2003 (TRI)

Sidharth Spices Corporation and Vs. Union Bank of India

Court : DRAT Madras

Reported in : II(2003)BC82

..... by discount or purchase of the bills or otherwise, one thing is clear that alt that was required to be done under the terms of the agreement and under the contract had been done by the two banks. therefore, the national commission was not justified in having reached the conclusion that the indian bank's services were deficient." 10. relying upon ..... from the appellant now does not hold good by virtue of the decision of the apex court in air 2000 sc page 761. it appears from the documents that the contract with regard to the foreign export was made as early as 19.3.1979, 14.4.1980 and 14.4.1981 and the bills were sent to sudan for collection .....

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Jun 21 2005 (TRI)

B.V. Venkatesh Vs. Canara Bank and ors.

Court : DRAT Madras

Reported in : III(2005)BC190

..... cannot be done and the appellant is liable as a guarantor, as his guarantee is co-extensive with that of the principal debtor, as provided under section 128 of the contract act. ' 7. now, the only question that arises for consideration of the tribunal is whether the appellant is liable to the claim of the respondent bank as a guarantor.8 .....

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