Hypothicated vehicle
Subhash
(Querist) 04 December 2014
This query is : Resolved
Dear sir
I want to know whether applicant can make lease deed of hypothetical vehicle in favour of third party person.
Guest
(Expert) 04 December 2014
Lease deed of hypothecated vehicle to whom and for what purpose?
malipeddi jaggarao
(Expert) 04 December 2014
Your query is not clear. Why anyone should create lease deed of hypothication in the name of third party?
Subhash
(Querist) 05 December 2014
Actlly applicant is making default in payment, but we collected lease deed where he has given vehicle to third party which is breach of contract as per agreement signed for loan
malipeddi jaggarao
(Expert) 05 December 2014
If there is default in payment you can cease the vehicle.
Subhash
(Querist) 05 December 2014
How to proceed if to cease a vehicle
malipeddi jaggarao
(Expert) 05 December 2014
The creditor can serve a demand notice for the overdue amount and if the debtor does not repay he can proceed for seizure of vehicle. Who are you? Are you the creditor? If so, are you a private financier or a financial institution. Why are you evincing interest in this query?
Guest
(Expert) 05 December 2014
In fact your query is a commercial query for which you need to consult some local expert by hiring his services, as several supplementary queries can arise one after the other, like you have raised a subsequent query, "How to proceed if to cease a vehicle," in addition to your initial academic type of query.
Moreover, ceasing of the vehicle depends upon the terms of agreement with the defaulter in making payment for which the legal aspects would be required to be gone through only in consideration of the nature of agreement.
By the way, what type of crime the vehicle own has committed, if he has leased his vehicle, as you have posted your query under the heading criminal law?
Subhash
(Querist) 12 December 2014
as per our agreement it is criminal breach to sell or to lease a hypothecated vehicle untill customer pay whole loan amount
actlly we have also added arbitration clause in agreement if any dispute arises out of this context
so guide me how to proceed for arbitration
and how execution petition we can file in loss recovery cases
