Regarding sell tractor
AKHILESH KUMAR
(Querist) 24 April 2012
This query is : Resolved
Respected Sir(s)
My father was purchased tractor through BANK LOAN and he was dead after some time.
I have 5 brothers in which one is miner.
Hence we are not able to deposit the BANK LOAN, so we have decided that sell the tractor and fulfill the loan of the bank.
But we are facing a milestone problem that my one brother is miner, then how I can sell the Tractor. we are not able to deposit the bank loan in resulting my brother' agriculteral land will be sold.
ajay sethi
(Expert) 24 April 2012
take power of attorney from borther who is not able to sign the papers for sale
Shonee Kapoor
(Expert) 24 April 2012
Nothing to be added.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Devajyoti Barman
(Expert) 24 April 2012
If one of your brother is minor then he can not execute power of attorney.
Since it is a movable assess the consent of the minor brother is optional.
You can go ahead with the sale and deposit the sale proceeds to repay the loan.
Raj Kumar Makkad
(Expert) 24 April 2012
I totally differ with the opinion of all 3 experts.
The property of a minor cannot be sold may it be movable or immovable without the consent of the court.
You shall have to obtain the prior permission to sale under section 8 of Hindu Minority and Guardianship Act from the family court and only then you can go ahead as proposed.
prabhakar singh
(Expert) 24 April 2012
If the tractor is on bank loan it must be hypothicated in favor of the Bank without whose consent you can not sale the tractors as sale letter of tractor would also be in
bank's custody.
Your minor brother can not write any power of attorney advised.
You need to take the Branch Manager in confidence to go ahead for sale of tractor and to deposit the sale proceeds in discharge of loan.
Better first find a buyer ,settle the price
with him,hand over him tractor receiving agreed price,then deposit the loan amount,and take a no dues certificate and original sale letter from the bank,there after get the transfer done in RTO records in buyers'name.If buyer has some objection due to minority of your one of the brother
you can execute for his satisfaction an indemnity bond on a Rs.100/stamp paper that in case any loss arises to buyer due to any claim of your minor brother,you shall compensate there for.the sale note can be signed by your mother as guardian of your minor brother preferably after obtaining permissionof the court.
