Banking matter
Satya nand aggarwal
(Querist) 18 November 2015
This query is : Resolved
sale deed in favour of four persons whether two person can deposit the original sale deed by way of equitable mortgage with bank for the purpose of mortgaging of their own share for raising loan.
c.p.s. ramachary
(Expert) 19 November 2015
No. Unless all the owners of the property jointly or seperately sign all the related documents for creating mortgage by deposit of title deeds in favour of the bank the bank cannot hold valid mortgage in its favour.
Rajendra K Goyal
(Expert) 19 November 2015
Repeated query:
http://www.lawyersclubindia.com/experts/Mortgage-by-deposit-of-title-deed-570896.asp#.Vk1lSHYrLIU
Satya nand aggarwal
(Querist) 19 November 2015
Mr Ramachary
first of all thanks a lot for the advice, Please elaborate how the co owner is not entitled to mortgage his own share. Would you please quote any any law point because of different opinions of respectable experts.
Kumar Doab
(Expert) 19 November 2015
Repeated query.
Satya nand aggarwal
(Querist) 20 November 2015
I do agree it is repeated query , but my question is still the same. all experts gave different opinions i.e. why the law point is being sought for advice.
c.p.s. ramachary
(Expert) 20 November 2015
I think you have not understood my answer properly and you are under confusion. I have not said that a coowner is not entitled to mortgage his share. When the property is jointly owned by several persons, each person has to perform his act to create mortgage by deposit of title deeds. Please read the note carefully. One share holder cannot create mortgage for another share holder without proper authority.
Satya nand aggarwal
(Querist) 21 November 2015
My original query "sale deed in favour of four persons whether two person can deposit the original sale deed by way of equitable mortgage with bank for the purpose of mortgaging of their own share for raising loan.
By ur answer my query is resolved and i gathered one can mortgage his own share only , by depositing the title deed in original.
my query was only whether one can mortgage his own share by depositing the title deed in favor of other persons. Thanks in deed
