https://www.taxtmi.com/caselaws?id=97893 Where money is paid to a bank for remittance to another place under a special arrangement, the ordinary debtor-creditor relation arising from a demand draft may be displaced. The court held that the purchaser may prove an express or implied contract, supported by banking practice and the bank's own accounting, showing that the draft was only a token for transmission and that the bank held the funds in an agency or fiduciary capacity. On that footing, the purchasers were not mere unsecured creditors in liquidation and were entitled to priority payment. en-us Mon, 06 Nov 1961 00:00:00 +0530 Wed, 18 Jan 2012 14:57:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97893 Where money is paid to a bank for remittance to another place under a special arrangement, the ordinary debtor-creditor relation arising from a demand draft may be displaced. The court held that the purchaser may prove an express or implied contract, supported by banking practice and the bank's own accounting, showing that the draft was only a token for transmission and that the bank held the funds in an agency or fiduciary capacity. On that footing, the purchasers were not mere unsecured creditors in liquidation and were entitled to priority payment. Case-Laws Companies Law Mon, 06 Nov 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97893