Furnishing of security
Furnishing of security legal meaning, translation and judicial precedents.
Meaning & Judicial Interpretation: (اردو مفہوم اور قانونی تشریح)
Plea of petitioner was that there was no objection with regard to issuance of succession certificate and she should be exempted from furnishing surety
Validity
Object of requiring surety was to secure the interest of any such person who might have a share, claim or interest in the assets left by the deceased whose name had not been disclosed to the court or who was not before the court, or a creditor of the deceased, a minor legal heir or a legal heir of unsound mind whose share was retained by the court or a legal heir whose share was not distributed to him in accordance with law after the grant of succession certificate or letters of administration
If court was satisfied that such situation did not exist then it might dispense with the furnishing of surety while granting letters of administration or succession certificate
Such power of court was discretionary and person applying for letters of administration or succession certificate could not seek such discretion as a matter of right
Exercise of discretion would depend upon the facts and circumstances of each case
Such discretion should be exercised liberally keeping in view the hardship that might be faced by the legal heirs of the deceased in furnishing surety who might not have any other or additional property of their own to offer as surety
Other legal heirs had no objection in granting of succession certificate in favour of petitioner
Discretion of dispensing with the requirement of furnishing surety could be exercised in favour of petitioner
No impediment existed in the grant of succession certificate in the name of petitioner
Succession certificate was issued in the name of petitioner subject to her executing personal bond equivalent to her share of the total assets left by the deceased and furnishing surety to the satisfaction of Nazir equivalent to the shares of other legal heirs
Petition for grant of succession certificate was allowed in circumstances.
"Furnishing of security", Pakistan Law Portal, available at: https://paklawportal.com/words-terms-maxims/124954925
Precedents & Case Laws citing "Furnishing of security"
2003 C L D 1154
MUZAFFAR-UD-DIN — Appellant Versus HABIB CREDIT AND EXCHANGE BANK LTD., LAHORE and 7 others — Respondents
Court: Lahore1998 PLC 115
SINDH EMPLOYEES SOCIAL SECURITY INSTITUTION Versus Messrs CORN PAK LTD. and another
Court: Karachi High Court1989 P T D 1184
Mian AZIZUDDIN and another Versus THE COMMISSIONER OF INCOME-TAX and others
Court: Supreme Court of Pakistan1988 C L C 1361
KARACHI FISHERIES LIMITED and others‑‑Appellants Versus BANK OF CREDIT & COMMERCE INTERNATIONAL (OVERSEAS) LIMITED‑‑Respondent
Court: Karachi1989 M L D 1302
MUHAMMAD AFZAL KHAN‑‑Appellant Versus BANQUE INPOSUEZ and others‑‑Respondents
Court: Karachi1996SCMR 1105
MUHAMMAD AKRAM ZAHID CHAUDHRY‑‑‑Petitioner Versus MULTI PROFESSIONAL COOPERATIVE HOUSING SOCIETY
Court: Supreme Court of PakistanP L D 1988 Karachi 628
USMAN HUSSAIN‑‑Appellant Versus HABIB BANK Ltd, and 4 others‑‑Respondents
Court: ‑‑‑S.12(5)‑‑Non‑deposit of decretal amount in Court before admission of appeal‑‑Security furnished to bank for repayment of loan amount whether to be treated as security for purpose of admitting appeal‑‑Word "security"‑‑Meaning, scope and import of‑‑Appellant could present an appeal without depositing of decretal amount or furnishing security .an equal value to such amount, but he could not seek admission of appeal without either depositing amount of judgment debt or at the discretion of Court furnishing of security equivalent to such amount‑ Word "security" used in S.12(5) would include any security equivalent to the amount of judgment debt to the satisfaction of Court‑‑Security would also include that security which was originally accepted against the loan.‑‑Word and phrases,1989 S C M R 1764
Mian AZIZUDDIN and another‑‑Petitioners Versus THE COMMISSIONER OF INCOME‑TAX and others Respondents
Court: High Court2001 M L D 1630
FAYYAZ‑UL‑HASSAN‑‑‑‑Petitioner Versus Messrs NATIONAL FEED (PVT.) LTD. ‑‑‑‑Respondent
Court: Lahore1987 C L C 262
MUHAMMAD JAVED AKHTAR‑‑Petitioner Versus PUBLIC‑IN‑LARGE‑‑Respondent
Court: Karachi