https://www.taxtmi.com/caselaws?id=97415 Bank articles of association created a first charge and paramount lien over shares registered in a member's name for debts and liabilities owed to the bank. The lien remained legally effective despite an open-market sale, full payment of the shares, or absence of bank custody. Priority depended on whether the debt arose before the competing claimant received notice: overdraft liabilities arising after notice were not pursued for priority, while the bank's contractual lien prevailed for the two remaining heads of debt. The bank therefore had priority over the third defendant to that limited extent. en-us Fri, 15 Jun 1956 00:00:00 +0530 Mon, 16 Jan 2012 16:02:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97415 Bank articles of association created a first charge and paramount lien over shares registered in a member's name for debts and liabilities owed to the bank. The lien remained legally effective despite an open-market sale, full payment of the shares, or absence of bank custody. Priority depended on whether the debt arose before the competing claimant received notice: overdraft liabilities arising after notice were not pursued for priority, while the bank's contractual lien prevailed for the two remaining heads of debt. The bank therefore had priority over the third defendant to that limited extent. Case-Laws Companies Law Fri, 15 Jun 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97415