Law:

Section:

Civil suit--- --- Recovery of loan --- Petitioners allowed credit facilities by Respondent-.flank and pledging with Bank certain quantities of paddy under terms of agreement- Plaintiff Bank suing petitioners defendants alleging withdrawal by defendants of stock of paddy and rice pledged with Bank and suit for recovery of amount advanced as loan decreed by trial Court-High Court on appeal finding defendants to stave themselves removed stock of paddy and that such stock throughout lay in their own (defendant's) premises, respondent-Bank having merely posted a Chowkidar to keep watch-Petitioner's contention that unprecedented flood washed away pledged stock, reduced value of security, and loss caused due to failure of plaintiff Bank to insure pledged-stock not found correct-Evidence also showing removal and appropriation of stock by defendants before institution of suit by Bank-High Court's findings, held, unassailable in circumstances--Defendant's further contention that fact of stock being pledged with Bank not being denied, Bank liable in law to account for stock pledged and to indemnify defendants-petitioners for loss incurred due to negligence of plaintiff Bank, held, not acceptable. Trustee of the Property of Ellis & Company v. Dixon-Johnson 1925 A C 489 distinguished. JUDGMENT MUHAMMAD GUL, J.-These two petitions arise out of the same judgment of a Division Bench of the High Court of Sind & Baluchistan dated 13-5-197.1 dismissing two first appeals by the petitioners herein against two money decrees passed by the Civil Judge, Hyderabad on 24-?-1969 in two suits filed by the respondent-Bank for the recovery of two sums due in respect of over-draft account of the petitioners in each case. The facts and law points involved in both the cases are common and therefore can be conveniently disposed of together. The petitioners in each case, being engaged in business were allowed credit facilities by the respondent-Bank. Accordingly, on 13-9-1963 the petitioners in each case executed a promissory note for an amount equivalent to the maximum limit of the credit agreeing to pay interest at the rate of 6 % with monthly rests and to repay the balance on demand.…

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