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Subhabrata Das (Advocate)     28 June 2014

Sec 58(f)

Dear all brothers & sisters,

As per Sec 58 (f) of the Transfer of Property Act----(1) who can advance a loan on depositing the title deed of a immovable property in Calcutta, (a) individual, (2) Bank, (c) a NBF Company? Please give  me answer as this section does not specify properly.

with love

Subhabrata 



Learning

 1 Replies

T. Kalaiselvan, Advocate (Advocate)     29 June 2014

Dear Advocate Mr.Das, a revisit to the provisions of the referred section of the act which is reproduced for your ready reference below , it may be noted that the concerned state government may by its gazette notification with an intent to create security to the loan may deliver the title document to the specified creditor:

Mortgage by deposit of title-deeds-Where a person in any of the following towns, namely, the towns of Calcutta, Madras, and Bombay, and in any other town which the State Government concerned may, by notification in the Official Gazette, specify in this behalf, delivers to a creditor or his agent documents of title to immovable property, with intent to create a security thereon, the transaction is called a mortgage by deposit of title-deeds.

Thus any licensed creditor approved and recognized by the concerned state government  having capacity to advance loan on the basis of deposit of title documents, is the answer for your query.  For further opinion, you have to furnish further details so that proper opinion can be rendered.


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