A bank has extended a home loan of Rs.40.5 lacs to purchase "C" property to "A".
"B",mother of "A" was the guarantor and created colletral security on the property"C" in favour of bank [to be purchased from "B"]
After the disbursement of the loan,"B" gifted the property to her son "A" for nil consideration.
I would like to now apart from further round of stamp duty to be paid for creating EM[karnataka] by "A",what will be other legal implications? is the bank safe from any legal contentions? can bank enforce the security now in the name of the son?
please advise ..
thanks
