Vehicle power of attorney
RAJEDRA BABANRAO DHAGE
(Querist) 24 December 2013
This query is : Resolved
i am working with co.op bank
we are taking power of attorney at the time of disbursement of loan against vehicle with hypothecation deed for convinent seizer of the vehicle in future.my question is whether it is register with magistrate or notery?what is the precautions taken at the time of power of attorney.we are taken only dratf pages of power attorney with 100 rs stamp singing with borrower only.
T. Kalaiselvan, Advocate
(Expert) 24 December 2013
I dont think this will serve any purpose because an unregistered power of attorney deed is not valid these days, it may be used as a threatening weapon so that the borrower is kept under threat. Whatever worth it is, you may obtain a POA duly signed by the borrower and notarised by a notary public on a NJS worth of rs. 100/-
Suhail A.Siddiqui
(Expert) 24 December 2013
I place of Power of Attorney, you may obtain mandate for possession of vehicle.
malipeddi jaggarao
(Expert) 25 December 2013
What purpose this would serve? The power of attorney can be revoked at any time by the author. Instead a clause can be included for seizure of vehicle in the hypothecation document itself.
Rajendra K Goyal
(Expert) 25 December 2013
The loan agreement must be containing adequate cover for the purpose. If not, the same may be added. No need of separate Power of attorney.
Rajendra K Goyal
(Expert) 25 December 2013
Being a Banker better have legal opinion from your Bank legal adviser. The documents to be executed by the borrowers must be vetted if not a standard document and taking document without vetting is not free from risk.
Raj Kumar Makkad
(Expert) 25 December 2013
You might b having the lawyers on your panel so better to obtain their services.
Registered power of attorney shall only serve the purpose.
V R SHROFF
(Expert) 25 December 2013
bank in that business for years and dealing in multi crore finance.
nothing new for them.
I don't think, bank need our help for their business.
DO BANK NEED OUR HELP?????????
P. Venu
(Expert) 25 December 2013
A Cooperative bank is a creature of the statute. It cannot take law in its hands.
