https://www.taxtmi.com/caselaws?id=108906 Property sold by a State Financial Corporation under section 29 of the State Financial Corporations Act vests in the transferee with all the transferor's rights, and the sale does not carry any customs charge unless such a charge is created by law over the property itself. The Customs Act provisions on warehousing, control of warehoused goods, and duty liability did not create a continuing lien or statutory charge over the machinery after sale. Because section 46B gives the State Financial Corporations Act overriding effect where inconsistent with other laws, customs authorities could not restrain the auction purchaser from removing the machinery on the basis of unpaid customs duty due from the borrower. en-us Wed, 25 Apr 2001 00:00:00 +0530 Wed, 04 Apr 2012 15:26:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108906 Property sold by a State Financial Corporation under section 29 of the State Financial Corporations Act vests in the transferee with all the transferor's rights, and the sale does not carry any customs charge unless such a charge is created by law over the property itself. The Customs Act provisions on warehousing, control of warehoused goods, and duty liability did not create a continuing lien or statutory charge over the machinery after sale. Because section 46B gives the State Financial Corporations Act overriding effect where inconsistent with other laws, customs authorities could not restrain the auction purchaser from removing the machinery on the basis of unpaid customs duty due from the borrower. Case-Laws Companies Law Wed, 25 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108906