UNITED COMMERCIAL BANK LTD. vs OKARA GRAIN BUYERS SYNDICATE LTD. & ANR.

The Supreme Court held that the deposit receipt did not create any contractual obligation in favor of the District Magistrate, Montgomery, nor did it constitute the bank as a trustee for him. The Court ruled that the respondent was the sole owner of the deposited funds and entitled to demand payment, as the receipt was not transferable and the District Magistrate had no legal claim to the funds. The High Court's order directing payment to the respondent without the production of the receipt was upheld, affirming the exercise of equitable jurisdiction under the circumstances.