Equitable mortgage created in non notified area
Querist :
Anonymous
(Querist) 02 June 2019
This query is : Resolved
I am working in a PSU Bank and created an Equitable mortgage(by deposit of title deeds) for a property situated in town area (to secure a Housing Loan in 2017), in my branch which is situated in the rural area under same town/jurisdiction (same sub -registrar/Tehsil office, notified town) . My office is situated 15 km away from the town in rural area and 50 KM from District headquarters.
The declaration for creation of Equitable mortgage is notarized at District Headquarters.
Equitable Mortgage created at Branch.
My Bank does not have a branch at Tehsil, but have a branch at distt headquarters.
Is it necessary that mortgage is created with Branch manager only or any other officer in absence of the Branch Manager can accept the title deeds.
What can be the possible corrective measure.
Dr J C Vashista
(Expert) 03 June 2019
Prima facie the mortgage deed in invalid since it required to be registered with area Sub-Registrar.
However, show the document to a local prudent lawyer for better appreciation, analyses, guidance and proceeding.
