Legal Question in Banking Law in India
Hindu Undivided Family
What precautions to be taken for mortgaging the property belongigng to HUF for securing loan advanced to third party (other than HUF and its members)
2 Answers from Attorneys
Re: Hindu Undivided Family
Are you a Karta in HUF.Details are insufficient.
Re: Hindu Undivided Family
Mortgaging the property of an HUF for a debt of a third party should be backed by the necessity of the HUF to guarantee repayment of the loan of the third party. The consent of all members in writing to the Kartha/Manager of the HUF first to guarantee the loan and also to be backed by the mortgage of the HUF property should be obtained. These are normally the precautions to be taken. Individual cases have to be examined by the creditor's legal advisers and their advice both on the preliminaries as well as modality of taking mortgage should be obtained and followed.
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