Legal Question in Banking Law in India

Can two or more bank can got right to line no one property which is pledged.


Asked on 11/02/09, 2:39 am

3 Answers from Attorneys
Seshadri Srinivasan www.lawconcern.com

Yes, it is possible and happening too.

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Answered on 11/02/09, 2:43 am
Pravin Vaidya Independent

depends upon the type of property & the type of documents taken by the banks.

Pl. email copies of documents executed

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Answered on 11/02/09, 10:01 am
J. Radhakrishnan independent Practice

If the mortgages rank pari passu more than one bank having that charge can enforce the same. If the mortgages are one after another in favour of more than one bank, the prior charge holder can realise the same and only if there is any surplus after satisfying the first bank's charge, the subsequent mortgagee bank can claim the same.

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Answered on 11/02/09, 1:45 pm


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