Section 45ZD of The Banking Regulation Act, 1971: Notice of claims of other persons regarding articles not receivable.
Notice of claims of other persons regarding articles not receivable. – No notice of the claim of any person, other than the person or persons in whose name any article is held by a banking company in safe custody, shall be receivable by the banking company, nor shall the banking company be bound by any such notice even though expressly given to it:
Provided that where any decree, order, certificate or other authority from a Court of competent jurisdiction relating to such article is produced before a banking company, the banking company shall take due note of such decree, order, certificate or other authority.
For Complete Banking Regulation Act, 1949. Click here
For other Central Acts. Click here.
Are you Looking for a Legal Professional? Click here
Are you a Lawyer? Register here to get published on Advocate Finder, an open platform for lawyers.