https://www.taxtmi.com/caselaws?id=252234 A stock exchange member's nomination right was treated as a personal privilege, so once default occurred the right ceased to vest in the member and the sale proceeds of its exercise were not the member's property and could not be attached for income-tax recovery. By contrast, securities, margin money and other deposited assets remained the member's assets subject to the exchange's control and were therefore attachable under the recovery provisions. The exchange's first and paramount lien over member securities made it a secured creditor, and that prior secured claim had priority over government dues, which prevail only against unsecured creditors. en-us Thu, 25 Sep 2014 00:00:00 +0530 Mon, 21 Jul 2025 16:36:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252234 A stock exchange member's nomination right was treated as a personal privilege, so once default occurred the right ceased to vest in the member and the sale proceeds of its exercise were not the member's property and could not be attached for income-tax recovery. By contrast, securities, margin money and other deposited assets remained the member's assets subject to the exchange's control and were therefore attachable under the recovery provisions. The exchange's first and paramount lien over member securities made it a secured creditor, and that prior secured claim had priority over government dues, which prevail only against unsecured creditors. Case-Laws Companies Law Thu, 25 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252234