JUDGMENT : This appeal by the plaintiff arises under the following circumstances. The respondent had an overdraft account with the plaintiff Prabhat Bank, Ltd. since 1945. On 31st December 1946 the debit balance of the respondent rose to the extent of about Rs. 4,000 and on that date he executed a promissory note for a sum of Rs. 5,000 by way of security for repayment of the overdraft. On that very day the respondent executed a written agreement in favour of the appellant Bank and it was agreed that the respondent would be entitled to take advances unto the maximum of Rs. 5,000 upon his personal security, as well as collateral securities, to wit, stocks and shares pledged by the respondent with the appellant Bank. One of the terms of the agreement was that the appellant Bank would be entitled to sell the securities without any notice to the respondent in the event of the loan not being repaid on demand. On 9-10-1947 the appellant Bank informed the respondent that his security had considerably deteriorated and that he should send Rs. 1,500 so that his account with the Bank may be closed.

On 5-8-1948 another letter was sent by the appellant Bank asking the respondent to call at the Ba

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