banker's right to adjust LIC policy assigned to bank

MANOJ KUMAR MADHUKAR (Querist) 21 June 2015 This query is : Resolved
Kindly guide which act and section gives the banker such right

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Kumar Doab (Expert) 21 June 2015
The assignment itself gives such right.

Sudhir Kumar, Advocate (Expert) 22 June 2015
what is the problem what are the facts.

do not play quiz with experts at the forum

do not take this forum as astrological forum

Guest (Expert) 22 June 2015
Academic query!

What will you do with the act and section, when you don't discuss the real problem and you also do not seem to be an advocate?

More so, if the instrument is assigned to the banker, you should also know that the instrument is taken in to custody by the bank against loan dues to be used by the bank, if repayment obligation is not fulfilled by the debtor. Once the policy is assigned, the banker gets right to encash the policy to adjust its loan dues out of the surrender value of the policy any time default in repayment happens on the part of the debtor.

Rajendra K Goyal (Expert) 22 June 2015
No reply to academic query.

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