Attachment of the property which is mortgaged to some other financial institute

Pavan Gurav (Querist) 04 March 2012 This query is : Resolved
can a property which is already mortgaged to some other bank can be attached under section 101 of recovery for cooperative bank?

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Raj Kumar Makkad (Expert) 04 March 2012
No but inadvertently even i this is done, the earlier bank can raise its objection and subsequent bank shall have to release its possession.

R.Ranganathan (Expert) 04 March 2012
Attachment even if it does will be subject to the rights of the prior mortgagees. So at the time of recovery proceedings the first mortgagees will have to be settled before the others.

prabhakar singh (Expert) 08 March 2012
Experts are right but I doubt its' repeat as a few days before similar query was answered by me,may be you are not the same.

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