Legal Question in Banking Law in

I was taken a PMRY loan of Rs.1 lakh from United bank of India (Medinipur branch) on 2006 for small business purpose. Bank was kept my deed of property for security which was not purchased by me but handed over from my father. My father is still alive. Now bank has been send notice to sell that property due to non payment of loan. Kindly reply is a bank can sell a handed over property deed?


Asked on 2/13/11, 9:51 am

2 Answers from Attorneys
J. Radhakrishnan independent Practice

If your father has settled the property on you by registered document, then the mortgage created by you by depositing the title deeds is valid. If your father has not settled the propert y on you, and if your father has not guaranteed the loan, ask your father to oppose the Bank's steps to seize and sell his property. Take the assistance of local lawyer in these matters.

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Answered on 2/13/11, 8:56 pm
Professor SOMNATH MUKHERJEE MUKHERJEE ASSOCIATES(Cell +91 9874753359/ 9477781578)

if the property is mortgage to the bank then the bank can legal steps however you may contact wih me and give the details then i can suggest you about the taking of future steps.

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Answered on 2/15/11, 8:40 am


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