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INSURANCE AGREEMENT CONTAINING BANK CLAUSE (Audit)

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This query is : Open


( Author )
04 July 2010

Respected,sir/madam
one private limited company has availed cash credit (CC) facility against book debts from the bank, However bank has also executed document for hypothecation of stock, but it is signed by only one director of the company, whether such document is legally enforceable or not?
Insurance policy is taken by the bank for stock,and it includes bank clause.
so whether bank can raise any claim from insurance company in case of any damage to stock?


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