Hypothecation of goods Loan

Querist : Anonymous (Querist) 12 March 2010 This query is : Resolved
Sir,
I had purchased shop in 2005 from 'x' which belongs to local muncipal corporation which is on 50 years lease. The previous owner had taken hypothecation loan on goods from co-ops. bank and not paid. His shop was shifted to another location and now he has shifted to some other city. There was no triparty agreement. The shop is not transfered on my name till date.
What should i do? My legal stand? can they attach my shop?

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Raj Kumar Makkad (Expert) 12 March 2010
If shop stands already mortgaged against the loan taken by earlier lessee then certainly bank can attach it.

Parveen Kr. Aggarwal (Expert) 12 March 2010
What instrument was executed regarding purchase of shop by you?

If you have a registered instrument in your favour for transfer of leasehold rights for the unexpired period of lease and 'X' is permitted under his lease instrument to transfer those rights then you need not worry. You cannot have any liability whatever.

You have stated that only goods were hypothecated against the loan and no charge was created towards the leasehold rights of the shop. As such, your leasehold rights in the shop will remain unaffected.

adv. rajeev ( rajoo ) (Expert) 13 March 2010
Goods were hypothicated not the building, if the buiding is hypothicated then you will face the problem, you will have to sort out the problem with the owner of the shop.

a.manoharan (Expert) 13 March 2010
immovable property can not be hypothecated.

Kumar Thadhani (Expert) 13 March 2010
YES I DO AREE WITH YOU EXPERTS.

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