Security for the money lent to a friend
Querist :
Anonymous
(Querist) 07 September 2018
This query is : Resolved
Hi there,
Around 2013-2014 my dad lent a sum of money (in lakhs) for certain interest to his friend as for security my dad registered his land on my dad's name. Later his friend convinced us to register back his land for getting bank loan. He promised us to settled back the money on sanction of bank loan. So on trust we registered back the land to his name (I'm the witness of registration). Later he told us that his bank loan was sanctioned but he lost his pan so unable to derive the money. Still pan card issue continues because of Name change issue arise in Pan. Still he is having a good relationship with our family..! Now the is no security for the money lent. Is there any way to secure the money..?
Sudhir Kumar, Advocate
(Expert) 07 September 2018
Is there any way to secure the money..?
No.
He has successfully fooled you.
You may beg for his charity to refund back. If he takes mercy some part of money will come back or else now money belongs to him.
Better forget money and keep good relations. Read the following post.
Sudhir Kumar, Advocate
(Expert) 07 September 2018
Money given to friends and relatives is always a charity in the garb of loan which is given in expectation of refund but always taken with intention of non-refund.
Such loan is taken by a person:-
(i) Who lacks business sense and cannot raise funds out of his own business and suddenly wants to be rich.
(ii) who cannot raise bank loan because :-
Either
he himself is not creditworthy
Or
the purpose for which he seeks loan is illegal
or
the purpose for which he seeks loan is not at all commercially viable.
(iii) Who knows he can afford not to refund.
(iv) Who trusts his thick skin
(v) Who intends not to refund
(vi) Who has made fortification against action of refund.
So he has to find someone who can part with his money. So he finds a lender near him (friend or relative)
Such loans are given by the persons :-
(i) Who has surplus money.
(ii) Who displays and boasts of such surplus money.
(iii) Who stupidly believe that there will be a refund.
(iv) Fails to realise as to why he alone (not bank) is being contacted for loan.
(v) Who has extreme trust on the debtor
(vi) who are either stupid or extremely greedy of the unusual (or illegal) rate of interest.
Such loans are always given
(i) Without documentation.
(ii) Without witness
(iii) Without guarantor.
(iv) During cordial relations
Soon after giving such loan :-
(a) Relations are no more remain cordial
(b) Business started by such money (easy money belonging to other) invariably fails.
(c) Such loans always sink and not refunded.
(d) Person seeking such refund suffers at legal process.
(e) Person seeking such refund legally or by persuasion is socially criticised.
Guest
(Expert) 07 September 2018
No chance, secured loan has already and willingly made as unsecured loan by your father by registering back the land of his friend. So, forget about recovery of money loaned to his friend at the cost of friendship.
However, now that depends upon the mercy of friend, if he honors friendship to some extent to return money or register the land again in your father's name. Otherwise, without documentary proof of loan, legally your father cannot recover the money.
Dr J C Vashista
(Expert) 07 September 2018
I endorse the expert opinion and advise.
Querist :
Anonymous
(Querist) 07 September 2018
Does a Promissory note on a stamp paper help to recover money ? If the note is being signed hereafter?
Guest
(Expert) 07 September 2018
To some extent that can be helpful, provided you have the foolproof evidence of making payment of money, as a loan to your father's friend.
Kumar Doab
(Expert) 07 September 2018
Pls don’t post as AQ and post with your ID and you can get many responses.
Your ID does not mean your email id or phone number etc and don’t post these.
Before attaching any document erase all names, logo, email id, phone number, address etc to maintain confidentiality.
Obtain proper legal opinion in writing.
Kumar Doab
(Expert) 07 September 2018
You have posted that you have good relatiosn so far. Can you convince him again to register the land in your dad’s name? If yes, go ahead and do that.
If there was so called name related problem in PAN then lender might have rejected the loan application.
Check with lender.
Take help of elders of your family, competent and experienced well wishers, seasoned PIP’s, helpgroups, and approach a very able LOCAL counsel of unshakable repute and integrity specializing in concerned field of law e.g; Civil matters as in your case, and well versed with enactments, LOCAL applicable rules, precedence, latest judgments etc …. and worth his/her salt, and your counsel can advise you after examining all docs on record ..
There are such very able counsels at each location.
Check for such counsels at LOCAL Civil Courts, HC, SC…
Your counsel can help and advice on any document that you are contemplating and even help to draft so as to defend your long term interest.
Sudhir Kumar, Advocate
(Expert) 07 September 2018
do you really think that he will sign any pronote now when he has successfully fooled your father?
Do you really think that he will make himself bound to pay the money when now he is free from liability to pay?
Sudhir Kumar, Advocate
(Expert) 07 September 2018
@ Mr Kumar Doab.
How can any local counsel (even if he has "unshakable reputation") help him when he has not even a shred of papers
Guest
(Expert) 07 September 2018
@ Shri Sudhir Kumar,
You have raised a very good question. The fact is that the so called expert has to post anything for everything without any legal knowledge or acumen and takes pleasure just to mislead the person facing with some problem. He always suggest almost all the querists the extremely lengthy and costly course of action that leads to no way. The irony is then he boasts of making illustrative advice.
A matter of commonsense, how the querist can find a local counsel with unshakable repute, integrity, specializing in concerned field of law? At first that would become a great puzzle for the querist how to find out such a counsel. Secondly, every local counsel would boast to be of unshakable repute, integrity and specializing in the concerned field of law to get the querist in to his trap. Thirdly, the said local counsel would charge hefty fee from the querist in the name of specializing and on failure in already flop case would blame the judge to be incapable of understanding the legal aspects of the problem, while the case would already have been affected even by the law of limitation.
You would have observed that his replies are always repeated verbatim in different types of problems of different querists. In fact, the said fellow has prepared a compilation of 3-4 copied versions, which he often posts as reply to the queries of the solution seekers.
So, what you can expect from a fake expert, who always remain in his hideout? I am sure he would ignore your question and would not reply.
Of course, he can be expected to retort on my post just to side track the issue.
Sudhir Kumar, Advocate
(Expert) 08 September 2018
I am not in favour of criticizing any expert. but I do wonder that unless a person has a valid cause of action and unless he has a fair case worth going to court then why he should be advised to find counsel for unshakable/shakable reputation.
Such litigant will go to court and talk to a lawyer. The a good lawyer would decline to take such case but he has entered court so must file a case and he will soon find a fleecing lawyer.
Querist :
Anonymous
(Querist) 08 September 2018
Experts...!
Thank you all for your valuable legal suggestions...!
Your answers give me a hope.
