Limitation- equitable mortgage.
S S ravi
(Querist) 02 July 2012
This query is : Resolved
I have made equitable mortgage of my house in connection with colletral security for my business loan with Nationalised bank in the year 1999. I request members to please explain me in detail about limitation period , bank can file suit .
ajay sethi
(Expert) 02 July 2012
you have created mortgage by deposit of title deeds of your property . you are required to pay installments on gtime . if you fail to do so bank can file rcovery proceedings against you within period of 3 years from default in payment .
S S ravi
(Querist) 02 July 2012
Thank you Mr.Ajay Sethi, but some one guided me that bank can file suit even 12 years from the date of default. Is it so.. ?
ajay sethi
(Expert) 02 July 2012
The limitation of Equitable morgage is 12 years, if the memorandum of Equitble Mortgage is validly executed
S S ravi
(Querist) 02 July 2012
Sir, I am still very much confused, can you explain me in some deatail...Plz..
Sankaranarayanan
(Expert) 03 July 2012
12 yrs is correct , the baker given correct details
c.p.s. ramachary
(Expert) 03 July 2012
For enforcement of mortgage created, bank can file suit within 12 years from the date the debt becomes due (according to Article 62 of Limitation Act). 3 years limitation is applicable for enforcement of personal liability. This period is distinct from the mortgage liability.
R.K Nanda
(Expert) 03 July 2012
I agree with expert C.P.S.Ramachary.
