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TMI Blog2010 (3) TMI 677X X X X Extracts X X X X X X X X Extracts X X X X ..... ock Exchange to sell the membership card of the first judgment debtor in that exchange and deposit the amount after deducting the dues from that member, to the exchange. 2. Notice given, the decree holder (the first respondent) alone entered appearance. Service by publication was ordered against the other respondents, co-judgment debtors, but after such service, none of them has turned up. 3. I heard learned counsel for the revision petitioner and also the decree holder. The decree holder is a bank. The suit was filed for realisation of the amount due from defendants Nos. 1 and 2 (second and third respondents) on a loan transaction availed of by them from the bank. In that suit, the revision petitioner was impleaded as the third defendant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hallenged in the revision. 4. I heard counsel on both sides. The sole question that emerges for consideration is whether the decree passed by the court directing the Cochin Stock Exchange to sell the membership card of the first defendant in the exchange and to deposit the sale proceeds after satisfying its dues is executable ? What could be sold in execution is only the property of the judgment debtor and in the present case those belonging to the first and second judgment debtors against whom alone a decree had been passed for realisation of the debt. True, in the suit, the third defendant exchange had been made a party and a decree was passed directing it to sell the membership card of the first defendant in the exchange to satisfy the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er from an exchange is his property or not. In the above decision, the apex court has held thus (page 610): "It is not in doubt or dispute that membership conferred upon a person is a personal privilege. He holds such privilege so long as he complies with the rules, bye-laws and regulations framed by the Exchange. In the event of a default committed by a member, having regard to rule 53 as also bye-law 316, he would cease to enjoy any right as such. His right in terms of rule 54 lapses and vests in the Exchange immediately upon a declaration that he has become a defaulter. His right of nomination in view of rule 9 ceases upon default and vests in the Exchange. In terms of rule 10, the membership belongs absolutely to the Exchange free of a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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