S.P.Mitra, J. - (1.) The plaintiff is a Bank in liquidation. In the plaint it is alleged that on the 30th August, 1944, the plaintiff lent and advanced Rs. 2,75,000 to Ranjit Bose, the Original Defendant No. 2 with interest at 6 per cent per annum with half yearly rests. This rate of interest was subsequently increased to 7 per cent with effect from the 1st January, 3947. Ranjit Bose deposited with the plaintiff, to secure the repayment of the loan, documents of title belonging to the Rangaroon Tea Estate, in Darjee-ling. A registered memorandum of agreement was also entered into between the plaintiff and Ranjit Bose on the 30th August. 1944, evidencing the deposit of Title Deeds.
(2.) The plaintiff then alleges that as further security for the advance Ranjit Bose on the 30th August 1944, charged and hypothecated by way of first charge in favour of the plaintiff certain plants, machinery, furniture and other movables appertaining to the Rangaroon Tea Estate. Ranjit Bose on the 30th August, 1944, executed also a deed of hypothecation of Tea crops to secure a cash credit account not exceeding Rs. 20,000 in the aggregate with interest at 8 per cent per annum with halt yearly rest.
(3.) I may now quote paragraph 6 of the plaint (as it originally stood), which would be relevant for our consideration sit a later stage. The paragraph runs thus: -- "On the 30th December, 1944 by a Deed of Transfer executed by the defendant No. 2, (that is Ranjit Bose) in favour of the Defendant No. 1 (that is the Rangaroon Tea Company Ltd.) to which the plaintiff was a party, the defendant No. 2 relinquished all right, title and interest in the said Rangaroon Tea Estate in favour of the defendant No. 1 and assigned the said Rangaroon Tea Estate, the movable properties lying therein and the Tea crops to the Rangaroon Tea Co., Ltd. subject to the said mortgage by deposit of title deeds, and hypothecation of movables and tea crops in favour of the plaintiff by the defendant No, 1. The defendant No. 1 by the said document admitted the said loan and covenanted to pay the amounts due under the said memorandum of deposit of title deeds, deed of hypothecation of movables and deed or hypothecation of tea crops to the plaintiff.";