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GARNISHEE-ORDER | JAIIB NOV STUDY MATERIAL 2022

JAIIB LRAB NOV 2022

This article highlights one of the important topics under LRAB NOV 2022 EXAM i.e, Garnishee Order. We will discuss this topic in detail along with JAIIB LRAB NOV 2022 STUDY MATERIAL available with us.

JAIIB NOV 2022 EXAM DATES

Junior Associate of Indian Institute of Bankers, or JAIIB, is a (flagship course) Associate examination offered by IIBF that is exclusively open to regular Institute members. The JAIIB November Exam Date 2022 has been released by the Indian Institute of Banking and Finance. On November 12, November 13, and November 20, 2022, the JAIIB November Exam is slated to start.

GARNISHEE ORDER

An order issued by the court in accordance with Order 21, Rule 46 of the Code of Civil Procedure, 1908, is known as a garnishee order. The Amendment Act of 1976 is a noteworthy piece of legislation that added the notion of “Garnishment” to the Civil Procedure Code. The verb “garnir,” which means to warn or prepare in French, is the source of this phrase.

The individual who is obligated to pay a debtor’s debt or to deliver any movable property to a judgement debtor is known as the garnishee. Garnishee is a third party in whose custody the judgement debtor’s debt is retained in addition to the judgement debtor and decree holder.

A garnishee is not required to give money to a judgement debtor because the latter is obligated to pay the garnisher, according to a garnishee order issued by an executing court (decree holder). It is a court order to seize any assets, including money and goods, that belong to the judgement debtor but are in the possession of a third party.

Read Also: JAIIB EXAM NOVEMBER 2022 NOTIFICATION

FEATURES OF GARNISHEE ORDER

The bank that receives the order is referred to as the garnishee. Judgment debtor refers to the depositor who owes money to someone else. The Garnishee Order has the following characteristics:

  • Bank and judgement debtors have a debtor and creditor relationship. Bank is the judgement debtor’s debtor, and the bank is the judgement debtor’s creditor.
  • Money deposited after receiving a garnishee order is not covered by that order. Also excluded are checks that have been sent out for collection but have not yet been cashed. However, if credit was permitted in the account prior to realisation with the client having the right to withdraw money, a garnishee order would be applied to this sum.
  • Garnishee orders are applicable to both past-due and future-due debts, such as SB/CD and RD/FD accounts.
  • Only those accounts of the judgement debtor with a credit balance are affected by the garnishee order.
  • Since there is no obligation owed to the judgement debtor, the garnishee order does not apply to the unused amount of the borrower’s overdraft or cash credit account. For instance, if the limit is Rs. 4 crore and the amount owing is Rs. 3 crore, a garnishee order won’t be effective on the remaining Rs. 1 crore.
  • Not applicable to fixed deposits used as a form of loan security.
  • If a loan was issued in exchange for a fixed deposit, the adjusted loan amount would apply.
  • If there is no amount stated in the order, the full account balance will be affected. The cheques, however, can be paid from the remaining funds after putting aside the sum specified in the garnishee order if they are for a certain amount.

GARNISHEE ORDER WORKING PROCESS

A default judgement is typically acquired either by a creditor when a debt is outstanding, or when the person who has to pay the debt is unable to reach a repayment plan with the creditor, or all other available debt collection options have been used up.

The garnishee will be considered to have a valid discharge against the judgement debtor as a result of the payment made by him to the court in accordance with the notification. The court may order that this sum be paid to the person holding the decree in order to satisfy the decree and cover the costs of enforcement.

Read Also: JAIIB AFB TRIAL BALANCE SHORT NOTES 

JAIIB LRAB STUDY MATERIAL 2022

  • Offering you an exclusive package of JAIIB LRAB Study Material. The knowledgeable instructors at Learning Sessions, which teaches JAIIB subjects, have created the LRAB JAIIB Study Material for 2022. As you are aware, having appropriate instruction and quality resources is very helpful when preparing for the JAIIB 2022 exam. For this reason, Learning Sessions has provided you with study material for the JAIIB’s LRAB paper exams that is thorough, conceptually clear, and sufficient to pass the exam in one sitting.
  • The Learning Sessions JAIIB LRAB (as well as other JAIIB courses) Study Material collection consists of Online LRAB Live Classes, Recorded Video Lectures of Law, Epdfs on LRAB, Mock tests.
  • Online Live Classes for JAIIB

Online live classes are available according to the most recent and revised IIBF-mandated syllabus; live classes cover all LRAB topics. To provide you the option to learn in the language you are most comfortable with, the lectures are given in both bilingual English and Hindi as well as solely English.

  • LRAB JAIIB EPDFs

After seeing the LRAB videos, EPDFs are succinct and useful resources for reviewing the course material. These are available as supplemental content that is only available with the video bundle. These EPDFs are available on our android application.

  • 2022 JAIIB Test Series

It’s essential to conduct some self-evaluation while you get ready for the JAIIB Exams. Additionally, as IIBF does not administer mock tests, you may take the Test series on the LRAB paper offered by Learning Sessions. You can choose from abundant questions to complete, and after doing so, your confidence will undoubtedly grow. These practice exams, which also contain questions from last year’s exams, were created by topic experts in accordance with the LRAB revised syllabus.

Read Also: JAIIB NOVEMBER EXAM 2022 | SCHEDULE OF LIVE CLASSES

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