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Section 45ZD

Notice of Claims of Other Persons Regarding Articles Not Receivable.

The Banking Regulation Act, 1949
1[45ZD. Notice of claims of other persons regarding articles not receivable.--No notice of the claim of any person, other than the person or persons in whose name any article is held by a banking company in safe custody, shall be receivable by the banking company, nor shall the banking company be bound by any such notice even though expressly given to it:


Provided that where any decree, order, certificate or other authority from a court of competent jurisdiction relating to such article is produced before a banking company, the banking company shall take due note of such decree, order, certificate or other authority.]




1. Ins. by Act 1 of 1984, s. 37 (w.e.f. 29-3-1985).