doubt regarding contract act,1872

Querist : Anonymous (Querist) 30 January 2011 This query is : Resolved
A took a loan of rs.40,000 from a bank.A gave a railway receipt of rs.60,000 as security to the bank.on A becoming insolvent bank applied for railway goods.the goods which were in transit destroyed and railways gave only rs.40,000 to bank.bank sued railways but railways said that A's liability was up to rs.40,000.whether bank will succed or railways will succed.please explain me as per the contract act

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Guest (Expert) 30 January 2011
A CAN CLAIM BALANCE AMOUNT FROM THE RAILWAYS.RAILWAYS ALREADY SETTLED CLAIM OF BANK FOR PRINCIPLE AMOUNT OF LOAN .FOR INTEREST BANK CAN CLAIM FROM THE RAILWAYS AND A.

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