Legal Question in Banking Law in Pakistan
Can a bank take signed & undated cheques as a security against persoanl / clean loan & can criminal proceeding u/s 489 F & 420 of PPC can be initiated?
Asked on 12/20/09, 11:22 pm
1 Answer from Attorneys
in fact this is a new practice in stead of mortaging any collateral cheques are taken of the whole amount loan out, since you have given these cheques with mutual consent and knowingly so banks can not be held responsible. but these cheques can hardly be used for above mentioned criminal liabilityies. as this is one of the matter of civil contractual liability.
Answered on 12/21/09, 6:24 am
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