Regards to attachment of property
prashant.sinha
(Querist) 15 August 2012
This query is : Resolved
I own an inherited property in my native place.Currently I am in mumbai and working .Same time i am an Director in A co-operetive credit society now that society is under scrutiney of government department regards to non payment loan taken by mumbai district bank.My question is that can bank attac my inherited properety for same as i am just an normal director and not signatory for that society.
plz adice me how come i safegaurd my property .
Devajyoti Barman
(Expert) 15 August 2012
If you are the Director who is in ordinary charge of day to day affairs of the Bank, you may be held accountable.
However the inherited property would be attached at the last stage. In case of an litigation it would be your personal assets which would come under the scanner.
prashant.sinha
(Querist) 15 August 2012
dear sir
Thnx for your advise.Just need more clarification on same that .I am director from 2009 .Ans my property was inherited by mean of will in my name by my father in 2011 after my fathers death ,secondly my property is a pagdi system property .can a pagadi system property will be attahced.
prabhakar singh
(Expert) 15 August 2012
Though illegal but pagadi system is in practice since time immemorial where black money is advanced to owner of property as premium in addition to the payment of rent agreed.The right of possession can legally devolve upon a tenant's heir but no WILL can be testate by tenant.In pagadi system,the land lord is under moral obligation to refund the premium received from first transaction and to share the extra premium received as mutually agreed with first tenant as and when occasion arises for a second transfer either by change in tenancy or by sale where
first tenant agrees to surrender his tenancy and deliver back the possession to the land lord or in some cases tenant pass on possession to some one else
on a greater premium where land lord agrees to recognize the second tenancy(say-sub tenancy)on sharing extra premium charged from subtenant.In practice it goes on is a truth and neat fact of life but such contracts are not legally enforceable through court of law.
Anyway all in all a property whose possession with you is under pagadi system can not be subject of any attachment for a liability caste on it's tenant(who you are).However it can be attached if it's owner is under some liability.
