Property Transfer to Mother , lenders pursuing the property
Arunkumar R
(Querist) 08 January 2010
This query is : Resolved
Sirs. I own a property that I wish to transfer to my mother through settlement/Gift Deed. I am reluctant due to this background. In 1998, My Mother had co-borrowed a sum of 50K along with my father from a lender. In 2003 we settled the principal asking for a small waive off of left over interest citing our financial losses. The lender agreed to the same though he never returned the bond.In 2004 when i purchased this property the lender came to know this and tried to pursue the case again through police. The police after listening from either side asked to pursue this in the court , after this the lender left the case dead right there.
I went to registrar office to create the settlement deed. The persons there told us that if there are unsettled financial claims or loans on my mothers name , the lenders could file a case attaching the property in the court once they know that this property is transferred to my mothers name. They asked us to ensure clarity on this. They also mentioned they could give life to the old bonds by creating money received entries in the paper citing latest dates. Could someone pls advise if these are still possible. Could someone advise if I could still transfer the property on my mothers name in such a situation how do we save the property if in future a case is filed after the property transfer.
Y V Vishweshwar Rao
(Expert) 08 January 2010
1- Once You transfer the property that becomes your mother exclussive proerty
2- Any Decree already passsed or to be passsed can be enbforced agaisnt your mother and her proerty .
3- The Point that Giving money received entries( Wrong entries ) - ! - it is, a fact, to be proved - any money received by creditor with writing by Debtor with in three years ( money paid in writing ) is valid acknowledgment.
4- However the Suit filed agaisnt yoru mother and its date and its date of result - dead- ? - means suit is dismissed for defualt , if so , the same may be restored and after restoring the suit the decree may be passed - you have to check up all these facts with your local Advocate !
adv. rajeev ( rajoo )
(Expert) 14 January 2010
I agree with Y V V R Sir. When you dont have any liability why you are going transfer the property in your mother's name. She has got already loan along with your father.
