Court : Chennai
Reported in : [1984]56CompCas41(Mad)
..... 2 of the banking regulation act, 1949 will not preclude the applicability of the provisions of the usurious loans act and that the provisions of usurious loans act having been enacted as a valid piece of beneficial legislation to free agriculturists from the burden of indebtedness will have to prevail over the provisions of the banking regulation act, 1949. ..... which it considers to be repayable in respect thereof; and (iii) set aside either wholly or in part or revise or alter any security given or agreement made in respect of any loan and if the creditors has parted with the security order him to indemnify the debtor in such manner and to such extent as it may deem fit: provided that (i) in the exercise of these powers the court shall not reopen any agreement purporting to close previous dealing and to create ..... section 3(2)(a) of the usurious loans act, 1918 set out the content of the expression 'excessive' as meaning ' in excess of that which the court demands to be reasonable having regard to the risk incurred as it appeared or must be taken to have appeared to the creditor at the date of the loan'. ..... section 3(2)(c) of the act set out the circumstances to be taken into account in considering the question of risk like the presence or absence of security and the value thereof the financial condition of the debtor the result of any previous transaction of the debtor by way of loan so far as they were known or must be taken to have been known to the creditor. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : AIR1992AP345; 1992(1)ALT125
..... learned counsel for the appellant has argued that if a debtor is entitled to the benefits of the agricultural relief act, he is liable to pay interest only as per the provisions of the act; whereas under the provisions of the usurious loans act, as amended by the madras amendment, if a compound interest is charged from an agriculturist, the court has to decide whether it is excessive or not and the learned judge had obviously confused between the ..... held that :'section 4(e) of the agriculturists relief act to the extent it grants exemption to the bank loans from the purview of the act is unconstitutional.'.8. ..... learned judge further held that when the agricultural debt relief act is enacted with the avowed object of providing relief to the agriculturists as a class can section 4(e) of that act single out the agriculturists indebted to the banks for the purpose of throwing additional ..... that the debts are owed to a government or local authority or other bodies mentioned in the impugned part ..... 'act reads as follows :' 'debt' means an advance in cash or in kind and includes any transaction which is in substance a debt but does not include an advance as aforesaid made on or after the first day of january, 1949 or a debt due to:--i) the central government or government of any state ii) a local authority; iii) a scheduled bank; iv) a co-operative society v) a waqf, trust or endowment for a charitable or religious purpose only; or vi) a person, where the debt was advanced on his behalf by the .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 2009(6)ALT181
..... (3) every officer granting a loan under the agriculturists' loans act, 1884, shall send a copy of any instrument whereby immovable property is mortgaged for the purpose of securing the repayment of the loan, and, if any such property is mortgaged for the same purpose in the order of granting the loan, a copy also of that order, to the registering officer within the local limits of whose jurisdiction the whole or any such registering officer shall file the copy or copies, as the case ..... copies of certain orders, certificates and instruments to be sent to registering officers and filed:(1) every officer granting a loan under the land improvement loans act, 1883, shall send a copy of his order to the registering officer within the local limits of whose jurisdiction the whole or any part of the land to be improved or of the land to be granted as collateral security, is situate, and such registering officer shall file the copy ..... get scanned.sub-section (2) of section 20 of the 1054 act reads as under:every managing officer or managing corporation selling any immovable property by public auction under sub-section (91) shall be deemed to be a revenue officer within the meaning of sub-section (4) of section 89 of the indian registration act, 1908 (xvi ..... claim whose net compensation is to be adjusted in whole or in part against the purchase price, the sale certificate shall be made out jointly in the name of all such persons and shall specify the extent of interest of each in the property.9. .....
Tag this Judgment!Court : Chennai
Reported in : AIR1965Mad127
..... section 13 relates to debts incurred by an agriculturist after the coming into force of the act, providing that in respect of debts incurred by an agriculturist after the act the interest stipulated shall not exceed 61/4 per cent per annum. ..... 13, the benefit as to the rate of interest contained in that section being extended by it to a particular class of agriculturists who could not come under s. 13. ..... neither kalia pillai nor his wife was an agriculturist entitled to the benefits of act iv of 1938, at the time when the suit was instituted, though, as we shall show presently, the amendment introduced into the act during the pendency of the suit entitled either or both of them to certain reliefs under s. 13-a. ..... it must be remembered that the primary object of the act was to give relief only to indebted agriculturists--non-agriculturist contracts were outside the original enactment. ..... 'we shall presently consider whether there is anything in the madras agriculturists relief act to compel us to construe the words 'is incurred' as equivalent to 'has been incurred'. ..... it was held that section 13-a, while it had the effect of giving a reduced rate of interest to persons who would not be agriculturists within the definition contained in s. ..... the relief granted to them varied with the extent and accumulation of the liability. ..... 3(ii) but who could not avail themselves of the benefit either because they pay profession or property tax over a specified amount to a local authority. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1989SC2105; I(1990)BC89(SC); [1990]68CompCas165(SC); JT1989(3)SC597; 1989(2)SCALE489; (1989)4SCC470; 1989(2)LC590(SC)
..... of the high court is set aside without any pronouncement on the merits of this controversy and the second appeal remitted to the high court for consideration of contentions pertaining to the effect of section 21-a of banking regulations act on the applicability of usurious loans act, 1918, and if the said act is held attracted whether the appall and is able to rebut the presumption of excessiveness of interest and also whether there were other legal impediments of the nature adverted to by the high ..... we must observe that the question of the applicability of usurious loans act, 1918, to debts advanced by banks and the effect of section 21-a of the banking companies act, 1946, have not, received proper consideration in the second-appeal. ..... even if the usurious loans act, 1918, is held attracted to the transaction, notwithstanding the said section 21-a and a presumption under the proviso to clause [b] of sub-section [2] of 3 of section 3 of act is drawn, the appellant-bank must have an opportunity to rebut such a presumption. ..... act, to the extent it exempts loans advanced by banks to agriculturists from the operation of the said act, brings about an impermissible classification of debtors based on the irrelevant consideration as who their respective creditors are. .....
Tag this Judgment!Court : Allahabad
Reported in : AIR1937All297
..... katju argued that the present applicants were not debtors within the meaning of section 30, agriculturists' belief act, because they were not the persons who took the loan and as the loan was one which arose on a mortgage executed by the father of the applicants, therefore there is no personal liability of the applicants. ..... accordingly we allow this appeal in regard to the order so far as it is under section 30, agriculturists' belief act, and we direct that the court below should re-admit this application and dispose of it according to law and that it should allow the applicants the benefits under section 30, agriculturists' relief act. ..... therefore the section requires that the loan should have been originally granted to one who was an agriculturist but the debtor may be the successor of the person to whom the loan was granted.5. ..... it is therefore laid down that even if the applicant is a non-agriculturist, he can have the benefit of section 30 if the loan was originally advanced to an agriculturist. ..... agriculturists' belief act, a non-agriculturist transferee from, him who has to repay that money is entitled to the benefit of the provisions of section 30 in respect of interest contained in that section.4. ..... in section 2, sub-section (10) it is laid down that 'loan means an advance to an agriculturist'. ..... in certain sections of the act the word 'debtor' has the word 'agriculturist' prefixed to it and therefore the sense is limited to an agriculturist debtor. .....
Tag this Judgment!Court : Allahabad
Reported in : AIR1937All669
orderganga nath, j.1. this is an application in revision by the defendants against the decree of the learned judge, small cause court, cawnpore. the suit was brought for recovery of rs. 562-5-9 for the price of articles purchased by the defendants. the defendants contended that they were agriculturists and as such were entitled to instalments. the learned judge has found against the defendants. it has been urged on behalf of the applicants that the suit was for a loan and that the defendants being agriculturists were entitled to relief under the agriculturists' relief act. the question is whether the price for the articles purchased by the agriculturist comes under the definition of the word 'loan'. 'loan' as defined in clause 10(a) of section 2, u.p. agriculturists' relief act, means an advance to an agriculturist whether of money or in kind. the price due for the articles purchased by an agriculturist cannot be regarded as an advance to him in kind. the suit was therefore not for recovery of a 'loan' as defined in the u.p. agriculturists' relief act. the defendants were therefore not entitled to any relief under the act. there is no reason for interference in revision. the application is rejected.
Tag this Judgment!Court : Allahabad
Reported in : AIR1953All33
..... begins to run is when the right to redeem accrues and for the recovery of possession the time begins to run from the date when the right to recover possession accrues.in the application under section 12, agriculturists' relief act the relief claimed was for the recovery of possession only. ..... agriculturists' relief act, 1934 was passed statutory rates of interest were provided and they were to prevail against the contractual rates, but those statutory rates according to section 30 of that act were to be applied ..... agriculturists' relief act it is apparent that the deposit of the mortgage money is essential for an application under section ..... was held that the dakhalnama did not amount to an acknowledgment of liability within the meaning of section 19, limitation act and the mention of the mortgage was merely for the purpose of description of the property. ..... 'the contention on behalf of the petitioner is that this amounts to an acknowledgment under section 19, limitation act.that section provides:'where, before the expiration of the period prescribed for a suit or application in respect of any property or right, an acknowledgment of liability in respect of such property or right has been made in writing signed by the ..... prior to that date the provisions of the usurious loans act, 1918, were applicable; but prior to 1918 the contractual rates ..... to a certain extent sections 60 and 62 overlap ..... certain extent section 62 makes provision for a contingency for which no provision exists in section 60. .....
Tag this Judgment!Court : Mumbai
Reported in : (1960)62BOMLR547
..... section 5-a of the agriculturists' loans act, 1884, as amended runs as follows:a loan granted under this act together with interest due thereon and costs of recovery shall except in respect of land revenue and a loan granted under the land improvement loans act, 1883, have priority over all encumbrances and charges created before the date of the order granting the loan on the borrower's interest in any land.the state relied upon this provision of law. ..... it may be that when the legislature amended the agriculturists' loans act, 1884, by the amending act no. ..... after the mortgage dated may 10, 1944, was executed, the mortgagors borrowed a loan from the government under the provisions of the agriculturists'-loans act, 1884. ..... 3, is concerned, they placed reliance upon the provisions of section 5-a of the agriculturists' loans act as amended by the amending act of 1947 and claimed priority for their mortgage over the plaintiffs' mortgage. ..... he pointed to the provisions of section 5(d) of the agriculturists' loans act which was also substituted by the amending act of 1947. ..... it was under the agriculturists' loans act as amended by the 0. p. ..... and berar agriculturists' loans (amendment) act, 1947 (xxxiv of 1947). ..... 4,000, the trial court felt constrained to decree the claim for interest only up to the extent of the principal amount because of the provisions of section 10 of the c.p. ..... to that extent the decree of the trial court will be modified.20. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1992]73CompCas541(AP)
..... may be noted that the madras amendment introduced a proviso to clause (b) of sub-section (2) of the usurious loans act which is as follows : 'provided that in the case of loans to agriculturists, if compound interest is charged, the court shall presume that the interest is excessive ..... bench held that 'horticulture' includes the raising of grape gardens as well and, therefore, 'horticulturist' is included within the meaning of the expression 'agriculturist' occurring in the proviso to clause (b) of sub-section (2) of section 3 of the usurious loans act, added by the madras (amendment) act, 1936. ..... judge considered section 21a of the banking regulation act and also the provisions of the agriculturists relief act and the madras amendment to the usurious loans act. ..... the question whether the interest has to be scaled down in accordance with the provisions of the agriculturists relief act or the madras amendment to the usurious loans act does not arise for consideration in this matter. 6. ..... have stated above, in the present case, it is not the contention that the second defendant is an agriculturist or that he is entitled to the benefits of the agriculturists relief act or the madras amendment to the usurious loans act. ..... considering the plain meaning of section 21a of the banking regulation act, i agree with the contention of learned counsel for the appellant that the interest cannot be reopened under the usurious loans act on the ground that the interest charged by the bank is excessive .....
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