Legal Question in Banking Law in India
Can a property which is purchased from funds generated from common business (proprietorship firm) of 3 brothers be mortgage by son of 1 brother for his personal benefit ? if not what are the legal advice?
(note: the property which is mortgage is in the name of father who's son is availing the loan.)
Please Advice.
1 Answer from Attorneys
07.08.2015
Dear Sir / Madam,
A proprietary concern is run by a sole person alone. So, if the father is the sole proprietor in whose name the property belongs, if the father has no objection, the son can avail the loan against mortgage of the father's property. But, if the property is in the name of the partnership firm which has the father and all the three brothers as partners, all the partner's consent is required to mortgage that property for securing a loan thereon.
Regards,
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