Legal Question in Banking Law in India

banking law

1st signatory in joint a\c wife,gold loan taken for three yrs,prepaid within three years by 1st signatory.banker refuses to release the gold of wife being 1st signatory having no liablity against the bank,2nd signatorg being husband,bankers have a decree against the husband s a\c not related to gold loan a\c, merely signed on the request of the bankers to have loan a\c in jt names as 2nd signatory,loan amount entirely and exclusively used by the 1st signatory-wife,gold being streedhan can the bank hold the same and put pressure on the 2nd signatory to deposit the decree amount with the bankers.can i have s c judgements on the same.about a year ago there was an order of consumer court at mumbai, which states that for non compliance on the part of 2nd signatory,or difference if any betn 1st and 2nd signatory bankers cannot hold the deposits lying in jt a\c with the banker, in my case the gold jewellery which has got during her marriage is streedhan being the exclusive property of the wife it cannot be attached by any order of the court.want early relief, cooperate and send the best opinion possible at earliest


Asked on 3/03/08, 2:53 pm

3 Answers from Attorneys
Homi Maratha N.N. Maratha & Co.-Advocates

Re: banking law

Please contact personally alongwith the details.

Professional charges are applicable.

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Answered on 3/04/08, 4:17 am
J. Radhakrishnan independent Practice

Re: banking law

As long as both husband and wife have signed the loan documents, each of their assets/pledged articles can be proceeded with. It is not a question as who utilized the loan. It is the joint liability of both signatories to the loan documentation, irrespective of the person among them who sought or utilized the loan. Better to discharge the loan rather than indulging in avoidable litigation in the matter.

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Answered on 3/04/08, 5:49 am

Re: banking law

If the loan is availed by both H & W jointly then yes bank can hold.It is also to be seen that why there were joint signatory when only one person had availed the loan ,as said by you? contact with details,professional charges are applicable.

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Answered on 3/03/08, 7:46 pm


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