Bank notice
SAA_Bombay
(Querist) 05 June 2012
This query is : Resolved
Dear Sirs, Our Society has recd a notice from one of the bank. The notice says that one of the member from our society has not paid Rs 38000/- of bank. The bank has asked us in letter that Society should not transfer the flat of said member till bank issue a Non Objection letter to Society. As per ltr, the said flat is hypothecated to bank. We are surprised that why anyone will hypothecate flat for sum of rs 38000/-. suppose if actual loan amt was bigger & this mentioned amt is just an outstanding amt of loan, can bank ask for hold on entire property which is worth crore of rupees? what shall we MC members shall do now? is it necessary that we share this ltr with concern flat owner. bank has not send any CC to him.pls advice.
ajay sethi
(Expert) 05 June 2012
ask bank to furnish detailed particulars of huypthectaion done by member . furnish xerox copies of said leter of hypothecation doen by member .
alos ask them to produce copy of court order restraining creation of third party rights in respect of said flat
ajay sethi
(Expert) 05 June 2012
ask bank to furnish detailed particulars of huypthectaion done by member . furnish xerox copies of said leter of hypothecation doen by member .
alos ask them to produce copy of court order restraining creation of third party rights in respect of said flat
ajay sethi
(Expert) 05 June 2012
ask bank to furnish detailed particulars of huypthectaion done by member . furnish xerox copies of said leter of hypothecation doen by member .
alos ask them to produce copy of court order restraining creation of third party rights in respect of said flat
Adv. Chandrasekhar
(Expert) 05 June 2012
As long as hypothecation has not been discharged, the bank can put notice to all the concerned not to deal with the property. You can share the information with the borrower, so that he will take appropriate steps to get the hypothecation discharged.
Adv. Chandrasekhar
(Expert) 05 June 2012
In my response, hypothecation may be read as mortgage.
R.K Nanda 
(Expert) 06 June 2012
Agree with expert Ajay Sethi.
