Mortgage of land
Prakash
(Querist) 04 April 2013
This query is : Resolved
Dear Experts,
A family of A+B+C(as joint borrowers)had taken an amount of Rs.95,000/-, Rs.298,000/-, Rs.249,400/- and Rs.80,000/- as loan from a Co-operative Bank ( Primary Urban Land Development Bank, Tiruvallur, TN)for the purpose of Fencing the land, Buying Tractor, Digging Borewell and other Farm equipments.
They have executed and Registered 4 mortgage deeds on the same day (one after the other) by showing the same land details (in all the 4 mortgage deeds)to the bank.
Is it legally valid? Please offer your comments.
Thanking you in advance.
Raj Kumar Makkad
(Expert) 04 April 2013
The procedure is purely valid as adopted by the office of the registrar.
Devajyoti Barman
(Expert) 04 April 2013
Well, where is it?
In most of the major cities including metro cities mortgage can be dome by deposit of title deed only.
No need for registration of any mortgage deed.
R.K Nanda
(Expert) 04 April 2013
it is valid.
Prakash
(Querist) 04 April 2013
Dear Barman sir,
As mentioned by you the Title deeds were deposited to the Bank.
and also all the 4 Mortgage deeds were executed on the smae day at Uthukottai SRO, in Tamilnadu one after the other, as document Nos as follows:
327/31-03-2001, Book 1, Vol 591, Pg 221
328/31-03-2001, Book 1, Vol 591, Pg 224
329/31-03-2001, Book 1, Vol 591, Pg 237
330/31-03-2001, Book 1, Vol 591, Pg 847
My question, once a peoperty is mortgaged, is it legally valid to mortgage the same property once again with out executing a release document?
Please comment.
Thanks...
Prakash
(Querist) 04 April 2013
I got my doubt clarified. Thanks for all your quick responses.
Marking my query as Resolved.
prabhakar singh
(Expert) 05 April 2013
There is no illegality in it as it is the question of satisfaction of creditor who found the same property worth it's 04 loans advanced.
