Legal Question in Banking Law in India
a property is in the name of partnership firm . the no. of partners are changed to 3 instead of 2 in the year 2014. is it possible that by changing the constitution of partnership firm to prop. firm ,the prop. can mortgage the property on its own/individually.if not kindly give the solution.
Asked on 9/24/15, 8:35 pm
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
25.09.2015
Dear Sir / Madam,
No, you ought to first communicate and inform the Bank of the change in constitution of your firm. Thereafter, both the proprietor and the Bank explicit consent will be required to pledge the property.
Regards,
Answered on 9/24/15, 9:14 pm
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