In Palmer vs Carey(1) Lord Wrenbury said : "The law as to equitable assignment, as stated in Rodick vs Candell , 777, 778) is that: The extent of the principle to be deduced is that an agreement between a debtor and a creditor that the debt owing shall be paid out of a specific fund coming to the debtor, or an order given by a debtor to his creditor upon a person owing money or holding funds belonging to the giver of the order, directing such person to pay such funds to the creditor, will create a valid equitable charge upon such fund, in other words, wfll operate as an equitable assignment of the debts or fund to which the order refers." In construing the power of attorney it is necessary, to bear in mind that the relationship of the two parties, Malhotra and the Bank was that of borrower and lender and that the document was brought into existence in connection with a proposed transaction of financing of Malhotra 's contracts.