Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Cs general law

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

13 August 2013 Subir effects an insurance policy of his own life with the LIC and deposits it with a bank for securing payment of an existing debt. Subir dies and the bank claims the amt for LIC against Subir's heirs.Discuss whether the claim of the bank is maintainable?

CS Pawan Kumar Baid

CS Pawan Kumar Baid (Expert)
Follow

16 August 2013 No. LIC can't recover. Actionable claim can be transferred only by assignment. In this case, only LIC policy was deposited but not assigned in favour of Bank.

ECONOMIC AND COMMERCIAL LAW for CS (Exe) Course in easy language

To download, click https://www.caclubindia.com/share_files/economic-and-commercial-law-cs-exe-new-syllabus-57442.asp

To Buy click https://www.bookadda.com/books/economic-commercial-law-c-s-9383185139-9789383185139?position=1&searchString=economic+and+commercial+law

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!