Legal Question in Banking Law in India
Sir if the bank enhances the limit and if the earlier third party mortgagor doesn't want to sign the documents for the enhanced limit, will the bank exposure up to the previous exposure be secured & enforceable in Indian court of law if enhancement is enacted without getting mortgagors acknowledgement for the enhanced limit.
Asked on 7/15/13, 10:21 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
15.07.2013
Dear Sir / Madam,
If the bank enhances the limit, the earlier third party mortgager restricts himself to the original sanctioned limit. The remaining borrowers individually and severally undertake responsibility for the enhanced limit.
Regards,
Answered on 7/15/13, 11:11 am
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