https://www.taxtmi.com/caselaws?id=43631 Confiscation of a vessel under the Customs Act for use in smuggling defeated the Bank's claim as pledgee to the auction-sale proceeds. Because the auction occurred only after confiscation, the legal effect of confiscation prevailed over any pledged interest in the vessel, and the precedent relied on by the Bank was treated as inapplicable on these facts. The Customs authorities were therefore not liable to pay the sale proceeds to the Bank, and the petition failed. en-us Thu, 29 Jul 1993 00:00:00 +0530 Sat, 19 Jun 2010 11:33:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=43631 Confiscation of a vessel under the Customs Act for use in smuggling defeated the Bank's claim as pledgee to the auction-sale proceeds. Because the auction occurred only after confiscation, the legal effect of confiscation prevailed over any pledged interest in the vessel, and the precedent relied on by the Bank was treated as inapplicable on these facts. The Customs authorities were therefore not liable to pay the sale proceeds to the Bank, and the petition failed. Case-Laws Customs Thu, 29 Jul 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=43631