Legal Question in Intellectual Property in India

Hi
I am in the process of selling my property and the buyer is stating that he will pay the amount by DD. One of my friends (not a lawyer) stated that he knew of a case where after the sale deed was signed, the buyer went ahead and cancelled the DD and so they never could encash the DD. Is this possible at all (i.e. If I have the original DD is it possible for the buyer to cancel the DD, say using its xerox copy or stating that he has lost the DD etc)
Thanks

Asked on 2/10/16, 4:26 am

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1) The DD details are mentioned in sale agreement and sale deed at the time of registration.

2) The DD cannot be stopped payment but can report lost to the issuing Bank.

3) If the buyer does so, then he can be criminally proceeded against for cheating.

4) Stop payment of Negotiable instrument is also dishonor under Sec 138 of NI Act.

5) Only after DD is realized, u can stipulate registration. Meanwhile u can give a receipt for DD.

Answered on 2/12/16, 5:07 am

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