Legal Question in Banking Law in India
Bankers here in Tamilnadu are insisting that for a public charitable trust to avail a loan against mortgage of a property owned by the trust, permission has to be obtained from state government. Is it correct ?
Asked on 6/25/13, 5:05 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
25.06.2013
Dear Sir / Madam,
A letter of approval by all the existing trustees is sufficient for the public charitable trust to avail a loan against mortgage of the trust's property. Exploring the loan option from three to five banks is recommended.
Regards,
Answered on 6/25/13, 5:15 am
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