https://www.taxtmi.com/caselaws?id=283419 An assignment of a fixed deposit receipt is effective when the depositor clearly expresses an intention to transfer the receipt and the money covered by it, even without any special form. Where the bank and company are informed of the assignment, the assignee's title to the deposit is protected. After valid assignment and notice, the debtor cannot defeat the assignee's rights by asserting a banker's lien, set-off, or a pre-existing equity. The assignee bank, having taken the deposit in the ordinary course of banking business, is not required to make further inquiry once the assignment has been made and intimated. en-us Tue, 13 Dec 1955 00:00:00 +0530 Sat, 21 Sep 2019 18:24:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283419 An assignment of a fixed deposit receipt is effective when the depositor clearly expresses an intention to transfer the receipt and the money covered by it, even without any special form. Where the bank and company are informed of the assignment, the assignee's title to the deposit is protected. After valid assignment and notice, the debtor cannot defeat the assignee's rights by asserting a banker's lien, set-off, or a pre-existing equity. The assignee bank, having taken the deposit in the ordinary course of banking business, is not required to make further inquiry once the assignment has been made and intimated. Case-Laws Indian Laws Tue, 13 Dec 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283419