Letter Of Lien For Cash Credit Facility Negotiable Instruments Act 1341 Legal Draft Template
| Category | Negotiable Instruments Act |
| Format | Rich Text |
| File name | Letter of lien for cash credit facility-Negotiable Instruments Act-1341.rtf |
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Letter of lien for cash credit facility
To,
The Manager,
Bank
Branch.
Sir,
We, the undersigned .... of the firm of M/s have to state as under
You have opened a cash credit account with you being account No
with a maximum limit of Rs and we are operating the said account and
and we are operating the same.
To,
The Manager,
Bank
Branch.
Sir,
We, the undersigned .... of the firm of M/s have to state as under
You have opened a cash credit account with you being account No
with a maximum limit of Rs and we are operating the said account and
withdrawing
and
crediting
amounts therein whenever required and pos
sible.
We have also a current/ saving account with you being account No and we are operating the same.
We have also some amount deposited with you under fixed deposit
receipt being FDR No dated ....
receipt being FDR No dated ....
We have to state and agree that in consideration of your granting us
cash credit facility to the extent of Rs we hereby create a lien in your
favour
on
the amount standing to the credit to the said
current/saving
account with you as well as the amount of FDR referred to above with
interest accrued thereon if any to recover by way of adjustment any amount
found due and payable to you by us under and in respect of the said cash
credit account with power to utilise the amounts due to us under the
current/saving account and
FDRs
or any part thereof.
We declare that we have not assigned or created any encumbrances on
the said FDR and undertaken not to do so during the subsistence of the said
cash credit, facility.
Dated this
....
day of
....
Yours faithfully
XY Z