Ramesh (Partner) 02 November 2010
My agriculture land is been given as equitable mortgage with bank for Cash Credit is this mortgage legal or this not legal from the point of bank to accept agriculture land as mortgage.
Can the recovery officer of DRT pass sale order on agriculture land ?
Pls advice me
Ramesh
R.Ramachandran (Advocate) 02 November 2010
I don't think that there is anything illegal about mortgaging the Agricultural land. I also do not find any illegality in the DRT Officer ordering sale of the agricultural land in case of default.
M.S.Bhalerao (advocate) 02 November 2010
Action by DRT will be there only when you do not repay the Bank Loan. You must have good plans to repay the bank loans. in case of your genuine difficulty you can request the bank to give some more time.
Vinod kashyap (Advocate & Legal advisor) 09 November 2010
Equitable mortgage of agriculture land is legaly valid and DRT can pass order for sale the land.
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