NANDLAL THAKERSEY Vs. BANK OF BOMBAY

JUDGEMENT

(1.) Lakhmidas Naranji from 1900 till August 1903 carried on business in Bombay as a cotton merchant and Mucca-dam-a Muccadam in the cotton trade being a carting agent and ware-houseman. He was in the habit, throughout that period, of financing his business by means of loans and cash credits given to him by the Bank of Bombay upon the security of fully pressed bales of cotton stored on Jettas (fair weather storage plots) or in godowns (covered warehouses) at Colaba.

(2.) The Jettas available to him for the storage of cotton in the beginning of 1903 were three contiguous plots hired from the Port Trustees and situate at the cotton storage ground at Colaba. The three plots were numbered 51, 52 and 53. Plot 53, which

(3.) Was only a half plot, was hired by Lakhmidas in-the name of the Bank, while 51 and 52 appear to have been hired in his own name. It is found as a fact by the learned Judge of the original Court, a finding which I accept as correct, that Jettas 52 and 53 were the Bank Jettas. The Head Accountant of the Bank says that under the financial arrangements between the Bank and Lakhrmdas, the Bank intended to keep all the bales brought on their Jettas as security for what they had advanced to Lakhmidas. Similarly, Lakhmidas says that all his bales were pledged with the Bank as he received them.