1. The 3rd defendant, namely the Josna Bank Ltd., is the appellant and the main question in controversy is whether the appellant is entitled to priority on the amount in court deposit or whether the plaintiff-1st respondent, namely the Asian Bank Ltd., has priority. The lower court decided the question in favour of the latter and the former has come up in appeal. The 2nd respondent before me is the 1st defendant and the 3rd respondent the 2nd defendant. The 4th respondent is the liquidator of the 1st respondent - Bank in voluntary liquidation.

2. The facts that led to the appeal, which are not in dispute, may be briefly stated. The 1st defendant had an open loan account with the 3rd defendant from 1946. While so, the 3rd defendant filed O.S. No, 156 of 1124 against the 1st defendant; and the 1st defendant filed the statement Ext. II on 1st Meenam 1124 to the effect that he would deposit in court half the amount realised by sale of timber involved in the suit. Thereafter the 1st defendant executed a document of hypothecation and pledge of goods, namely Ext. A, on 27th February 1950 in favour of the plaintiff. Subsequent thereto the 2nd defendant, another simple creditor o