Legal Question in Banking Law in India
Is the ancestral property liable for auction under SARFAESI Act without the signature of major children?
Asked on 11/01/10, 8:39 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
If the father has mortgaged the property, then even ancestral property is liable for auction and the sons are bound by the doctrine of pious oblication to discharge his father's debt. If it is not the father who has mortgaged the property, the other co parceners who have not signed the mortgage document can resist the Bank from taking possession of their shares.
Answered on 11/02/10, 3:53 am
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