Collecting blank cheques as security.

sreekumar pai (Querist) 18 December 2013 This query is : Resolved
Some of the public/private sector banks are insisting for blank cheques as security for repayment of EMI loans. Pls inform the legality of the same. case decisions on this if any be informed.

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ajay sethi (Expert) 18 December 2013
for citations visit indian kanoon .com . banks are seeking to protect their interest in event of default by borrower

Nadeem Qureshi (Expert) 18 December 2013
agree with expert. the bank is legal.

Rajendra K Goyal (Expert) 18 December 2013
Academic query.
For citation search google.

R.K Nanda

(Expert) 18 December 2013
academic query.

Guest (Expert) 18 December 2013
If you have disputes with the Banks you could always give a stop payments letters to the Banks including for the Blank cheques mentioning the details

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