Equitable mortgage
Yogesh Dixit
(Querist) 05 August 2013
This query is : Resolved
I have purchased a property which is equitable mortgaged by seller to union bank . Seller is MD of pvt.ltd. co. for which he exersised a loan for Rs.2800000/= and paid the same in full. In the co. a Director named dhingra have also exercised two loan 50 lacs each for proprietorship firm in the name of himself and his brother in personal capacity. Bank deny to release the property papers in the name of seller. seller not holding any post/guaranty/link to the two proprietorship firms. Is it legal, in my opinion equitable mortgage of property for a written value and for a specific loan , please guide me.Is this advance treated as a group advance because Mr.Dhingra was director in the co.
Raj Kumar Makkad
(Expert) 05 August 2013
May Mr. Dhingra be a director in that company but the loan taken by him and his brother was in their personal capacity so the banker is not bound to adhere to his demand.
Dr J C Vashista
(Expert) 06 August 2013
The loan was advanced by the banker to the company or Mr. Dhingra ? since both are distinct persona for the purpose of loan. Please be specific.
malipeddi jaggarao
(Expert) 06 August 2013
I agree with expert Mr.Rajkumar Makkad. There is no locus standi for not delivering the documents in the present case. It is only a pressure tactic the Bank is playing. Make it clear to the Branch Manager that he has to release the documents and give in writing for the objection. Tell him that you will personally make him liable for unlawful act of not releasing the documents.
Rajendra K Goyal
(Expert) 06 August 2013
Bank can not exercise right of general lien in this case. Agree with the experts. If Manager does not agree lodge a complaint to his controller and or to Banking Ombudsman.
