Letter of Authority to be obtained from Holder in the case of advances against units held on blank transfer
_______________ Bank
____________ Branch.
Dear Sir,
In consideration of ____________ agreeing to grant me/us a loan of Rs. ______________ (Rupees ________________ only) against the security of units Nos.___________ issued by the Unit Trust of India of which I/we am/are the holder/holders and on the understanding that you will be given necessary authority to collect the income becoming payable on the said units from time to time and adjust the same towards the repayment of principal and payment of interest of the said loan, I/ we, the holder/holders of the said units, hereby authorise you to collect on my/ our behalf the income becoming due and payable to me/us on the said units by the Unit Trust of India and pass necessary receipts to the Trust in full discharge of the said payments.
This authority in your favour shall not be revoked by me/us except with your prior approval in writing.
A copy of this letter is being endorsed to the Unit Trust of India for payment to you of the income on the units stated above.
Yours faithfully,
- ___
- ____
- ___
- ___
Copy forwarded to the Unit Trust of India ______________.
The income becoming due and payable from time to time on units Nos. ___________ held by me/us may hereafter be paid until further instructions to the Manager, _________, whose receipts shall be full discharge to the Trust for such payments.
- ___
- ____
- ___
- ____
