Legal Question in Banking Law in India
What is the procedure of Equitable mortgage of property belonging to a Registered society. Is Permission of competent court is required?
Asked on 11/09/09, 4:39 am
3 Answers from Attorneys
J. Radhakrishnan
independent Practice
If the objects and bye laws of the Society provide for mortgaging the Regd. society's property mortgage equitable or otherwise can be created. If they do not permit, then it cannot be done. There is no question of seeking any permission of any competent court in either case.
Answered on 11/09/09, 6:10 am
Seshadri Srinivasan
www.lawconcern.com
If it is a Co-operative society then Prior permission is required for mortgaging the property.
The same procedure applicable to an individual property owner is to be adopted. However, some filings may be necessary with the authorities after such mortgage.
Answered on 11/09/09, 7:40 am
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