Legal Question in Credit and Debt Law in India

I had given a loan of 2lac w/o interest , with the security of his car, for 1 year, done in notarized agreement.

He failed to pay the money after said 12 months, can i directly transfer his car under my name, or do i have to first give him an advocate notice and more time so he can repays me... Kindly help

Regards


Asked on 8/12/10, 11:25 pm

1 Answer from Attorneys
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

unless you file a civil suit and get the car attached, you cannot get the same transferred in your name. proper procedure is to be followed.

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Answered on 8/12/10, 11:33 pm


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