Legal Question in Civil Litigation in India

Loss of NSC pledged to Bank while in custody of Bank

I pledged 5 no NSCs totalling Rs. 4000o/- to Bank. The NSCs were lost while in custody of Bank. Bank is insisting me to sign and Indemnity bond in favour of the Postal department for issue of duplicate NSCs. Shall I sign the same or there is any other procedure?


Asked on 7/12/07, 10:20 am

4 Answers from Attorneys
G. M. Gupta gmguptaandassociates

Re: Loss of NSC pledged to Bank while in custody of Bank

the procedure depends on the circustances.

in the given circumstances the bank is liable to indemnify you but may seek some documents from you and its not possible to advice from here.

For further detailed advice please contact personally. Consultation charges will apply.

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Answered on 7/17/07, 3:49 pm
Panduranga Acharya J & P Associates, Advocates & Solicitors

Re: Loss of NSC pledged to Bank while in custody of Bank

Since the NSC's are lost in custody of the bank. Bank has to request you by letter, to complete the process of issuance of duplicate from postal department.

on the pretext of the banks letter you can execute indeminity bond infavour of Postal department.

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Answered on 7/13/07, 3:37 am
Alok Sharma Alok Sharma & Associates

Re: Loss of NSC pledged to Bank while in custody of Bank

No problem if you sign I Bond.

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Answered on 7/15/07, 1:40 am
birendra dash dash associates

Re: Loss of NSC pledged to Bank while in custody of Bank

Yes You sign it.You can directly write to postal deparment for a duplicate one.

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Answered on 7/12/07, 10:02 pm


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