1. The Syndicate Bank, the plaintiff in O.S. No. 142 of 1969 of the Subordinate Judge's Court. Kozhikode, is the appellant. Shorn of the unnecessary particulars detailed in the plaint, the case of the appellant is as follows:

2. Respondents 2 to 4 are the partners of the first defendant-firm, Modern Tile & Clay Works, having its business premises in Nallalam amsom and desom Kozhikode Taluk. The firm had accommodation facilities with the Canara Industrial and Banking Syndicate Ltd., which subsequently changed its name into 'Syndicate Bank Ltd.', (hereinafter to be referred to as the Bank) on the security of three equitable mortgages of the years 1949, 1958 and 1959. In 1962, the transactions were closed after receipt of Rs. 2,50,000/-. For the balance amount due and for sums thereafter to be advanced a simple mortgage was executed by defendants 1 to 4 in respect of the properties described in the A schedule to the plaint in favour of the Bank. The limit of accommodation was fixed at Rs 2,00,000/-. The simple mortgage was after reserving an existing first mortgage in favour of the Kerala Financial Corporation for Rs. 7,00,000/-. On the same day the respondents hypothecated