https://www.taxtmi.com/caselaws?id=97717 A valid assignment of a matured fixed deposit transfers the creditor's rights to the assignee on execution, and notice to the debtor is sufficient to recognise that substitution. A moratorium order restraining actions against a bank does not, by itself, extinguish the underlying debt or defeat a lawful assignment, and a later scheme of arrangement binds only the creditors within its relevant class. Cheques tendered for credit to an overdraft account may also operate as payment or credit for set-off purposes where the negotiable instrument has the legal effect of discharging the drawer's liability. The combined set-off exhausted the bank's claim. en-us Fri, 26 Feb 1960 00:00:00 +0530 Tue, 17 Jan 2012 17:39:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97717 A valid assignment of a matured fixed deposit transfers the creditor's rights to the assignee on execution, and notice to the debtor is sufficient to recognise that substitution. A moratorium order restraining actions against a bank does not, by itself, extinguish the underlying debt or defeat a lawful assignment, and a later scheme of arrangement binds only the creditors within its relevant class. Cheques tendered for credit to an overdraft account may also operate as payment or credit for set-off purposes where the negotiable instrument has the legal effect of discharging the drawer's liability. The combined set-off exhausted the bank's claim. Case-Laws Companies Law Fri, 26 Feb 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97717