taking bike as mortgage against some money

nikhil (Querist) 13 November 2010 This query is : Resolved
i want to take bike as mortgage , against which a have to given a money,

what are the documents are required foe being my safer side. if he don't give money back.

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s.subramanian (Expert) 13 November 2010
You can take a document of pledge of the movable property i.e. the motor bike.There cannot be a mortgage of a movable property. You can take an agreement of hypothecation of the vehicle in the alternative also.

Devajyoti Barman (Expert) 13 November 2010
Without having a valid license of Money Lending Business you can not do so legally even on hypothication of such property.

Uma parameswaran (Expert) 13 November 2010
Try to change any of the related documents in your nmae.

nikhil (Querist) 13 November 2010
can i take sell later

DEFENSE ADVOCATE.-firmaction@g (Expert) 13 November 2010
Yes it will attract money lending laws but laws are made by men so other group find ways out of it.

So just transfer the bike in your name .

nikhil (Querist) 14 November 2010
for transfer the bike in my name/
i only require sell later?
ya anything else

Kirti Kar Tripathi (Expert) 14 November 2010
yes, you can

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