SYNDICATE BANK Vs. DEVENDRA KARKERA

JUDGEMENT

(1.) The decree-holder is the appellant. The respondent is the claimant under O.21, R.58 of the Code of Civil Procedure.

(2.) The appellant-Bank had obtained a decree against Krishna Karkera and others in O.S. No. 121/82. The decree was not satisfied and in the process of executing the said decree the appellant attached the boat in question asserting that the boat belongs to Krishna Karkera.

(3.) There is no dispute that the boat in question originally belonged to Krishna Karkera. It was hypothecated in favour of appellant-Bank's Ashok Nagar Branch at Mangalore. In the year 1988, Krishna Karkera sold the boat to one Madhava Shriyan and in the year 1989 said Madhava Shriyan sold the boat to Devendra Karkera as per Ex. P. 1. The said sale transaction was completed by payment of balance in the year 1991 as per Ex. P.3. After the purchase Devendra Karkera was administering the loan account of Krishna Karkera in the banks branch at Ashok Nagar and ultimately the said loan obtained from the said branch was cleared in January, 1992.