Under Section 6(3) of the SARFAESI Act, where no notice of acquisition of financial assets under Section 6(1) is given by a bank or financial institution to the obligor, and the bank subsequently receives money from the obligor, what is the legal character of such money in the bank's hands?

Section 6(3) provides a protective mechanism: where no notice of acquisition has been given, and the bank subsequently receives money or properties from the obligor, such money or properties shall constitute 'monies or properties held in trust for the benefit of and on behalf of the ARC.' The bank is obligated to forthwith make over or deliver such payment or property to the ARC or its duly authorised agent. This provision prevents unjust enrichment of the bank after transfer of the financial asset to the ARC. The constructive trust mechanism ensures that the ARC's economic interest in the transferred financial asset is protected even if the formal notice to the obligor has not been served.