(1.) This execution case raises the question of banker's lien.
(2.) The decree-holder obtained a decree on 2-11-1979 for Rs. 1,04,441.35 with future interest at 9 per cent per annum and costs against the judgment-debtors, Jullundur Body Builders. In the course of execution the judgment-debtors said that they will pay the decretal amount in instalments. They were accordingly required to furnish a bank guarantee in the sum of Rs. 90,000. The judgment-debtors approached the Syndicate Bank the Bank with whom they had an overdraft account. They deposited two fixed deposit receipts with a covering letter with the bank and requested it to issue a guarantee in favour of the Registrar of this court. The particulars' of the FDR are as under :
(3.) On the application of the decree-holder this court attached an amount of Rs. 35,000 in the hands of the bank out of the amount of the aforesaid deposit receipts. The order of attachment was made by R. N. Aggarwal J. on 21-11-80. The bank as a garnishee has now raised objection to the attachment. The ground of objection is that the bank has a lien on the deposit receipts and that the amount docs not belong to the judgment-debtors and cannot therefore be attached. It is the validity of this defence which is in question.