Mortgage of land as surity

krishna mohan (Querist) 04 April 2014 This query is : Resolved
Mr X approached my father and asked to be as surity as Mr Y is ready to lend money to X if my father could mortgage our land.(in turn X has offered 50% share in his business).
Mr Y gave Rs 10 lakhs to my father after he got 2 acres of land mortgaged without possession and took 15 promissory notes with signature without writing amount on it.
In the same way my father took The promissory notes from Mr X and gave him 10 lacs.
For few years there was no problem between X and Y but now x says that he had repaid all the money to Y and Y says that he didn't even received a rupee.
Actually with prior understandind between X and Y only we were brought in the situation
now Mr Y is threatening us that he will attach our land.
My questions are
1)in the mortgage without possession it was mentioned that for rs 20000 only the land is being mortgaged. Can we deposit that amount in the court and get our land released without relating to the the money we received(10 lacs)for which we wrote another bond paper accepting that amount
2)can Mr Y bring those promissory notes into the situation to claim more money as our land is mortgaged to him.
3)in what way the promissory notes we took from Mr X are helpful to us
4)is there any limitation of time to get our land releases from Mr Y
The entire event started in January 2007
Kindly help as we blindly believed those Basrards and were cheated.

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ABDUL RAZIQUE (Expert) 05 April 2014
Is any written evidence of money transaction? if not, why do a foolish act? yes Mr Y can use promissory note as a evidence. it is better to u that follow a right path and try to arbitration with him.

RAJU O.F., (Expert) 05 April 2014
Better approach an advocate of your area and proceed according to his directions.

Guest (Expert) 05 April 2014
As far as Financier Y is concerned your Father is the Borrower and Y had been given sufficient Documents along with Land as security.So you are liable to settle his dues with interest.Regarding X it would be your head ache to get it back the amount and you are only answerable to Y.Plead with Y explaining the facts for an amicable settlement

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