Legal Question in Banking Law in India
whether the lender Bank can hold back the secuirities of a loan on its closure on the plea that the borrower is still liable as gurantor for some other bad loan
Asked on 8/24/11, 6:08 pm
4 Answers from Attorneys
J. Radhakrishnan
independent Practice
The Bank can claim general lien on goods for its debts. If it is immovable property, unless, the confirmation letter or memorandum of deposit of title deeds does not say that the documents can be held for all indebtedness and liabilities of the person depositing it, the banker cannot claim the right to retain the documents. Pl. therefore check what the person has signed in creating the security and proceed depending upon the wording of the document.
Answered on 8/24/11, 6:46 pm
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
yes, the bank may do that.
Answered on 8/24/11, 10:49 pm
KarVai Legal Solutions
Rajiv Gupta 9811284735 Ch.No: 359, Western Wing, Tis Hazari, Delhi www.karvai.in
yes
Answered on 8/25/11, 12:56 am
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