1. This appeal must be dismissed though on grounds different from those on which the Court below have proceeded to pass a decree in favour of the respondent.

2. The dispute in this appeal relates to shares of the Punjab Registered (Iron & Steel) Stockholders Association Ltd., Ambala City. The number of shares is 150 of the face value of Rs. 100/- each. Defendant No. 1, Messrs Dhani Ram & Sons, who were hardware merchants at Lahore, had a cash credit account with the plaintiff Bank. This account was secured by mortgage of immovable property as the partition of the country, Messrs Dhani Ram, & Sons moved to Delhi and the Bank also moved amount due to it from Messrs. Dhani Ram & Sons by a notice Exhibit D 2 dated the 24th July, 1948 and by another notice Exhibit D 3 dated 16th April, 1953.

In Exhibit D 3 the last paragraph is in these terms : "I am further directed to call upon you to please arrange to take delivery of the shares mentioned above against payment of their value in case at Delhi Office of my client within two weeks from the receipt of this notice, failing which my client will be free to sell them away at any price available in the market by private or public sale