Legal Question in Wills and Trusts in India
Land is in the name of an individual.Building is constructed thereon for a school.School is run by a trust.Land owner is the key person in the trust body.Whether the property can be mortgaged to the bank for raising a loan in the name of the trust.
Asked on 8/24/10, 12:26 am
2 Answers from Attorneys
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
no, it cannot be mortgaged to the bank as the building is being run for educational purpose and even the bank would not agree as and when the trust would default in loan, it would result in loss of education to the students if the school is attached.
Answered on 8/24/10, 9:43 am
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