https://www.taxtmi.com/caselaws?id=313343 A mortgage securing a running account is construed by its language and the parties' conduct: the 1928 bond was treated as security for a floating indebtedness up to the contractual ceiling, but not for fresh secured advances beyond the stipulated period. Unsecured overdrafts in the current account were not saved by the doctrine of mutual, open and current account because the dealings lacked mutuality, and part-payments did not revive the whole running balance. Clayton's Case was displaced by the surrounding circumstances and the parties' apparent intention in appropriation of payments. The 1933 bond was found supported by consideration, and instalments were not available under Order 20 Rule 11 for a mortgage decree. en-us Tue, 11 Mar 1947 00:00:00 +0530 Mon, 08 Apr 2024 17:46:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313343 A mortgage securing a running account is construed by its language and the parties' conduct: the 1928 bond was treated as security for a floating indebtedness up to the contractual ceiling, but not for fresh secured advances beyond the stipulated period. Unsecured overdrafts in the current account were not saved by the doctrine of mutual, open and current account because the dealings lacked mutuality, and part-payments did not revive the whole running balance. Clayton's Case was displaced by the surrounding circumstances and the parties' apparent intention in appropriation of payments. The 1933 bond was found supported by consideration, and instalments were not available under Order 20 Rule 11 for a mortgage decree. Case-Laws Indian Laws Tue, 11 Mar 1947 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313343