Legal Question in Banking Law in Pakistan
as a banker i have received an application from my customer for finance as working capital for his business. he offers security mortgage over an immovable property . on examining title docs i came to know that the property is held in the name of my customer as guardian OF HIS TWO MINOR CHILDREN. should i accept the property as security?
Asked on 11/03/12, 10:14 am
2 Answers from Attorneys
no minor's property cannot be used as security, further guardian needs to get courts's permission for every transaction of said property,
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Answered on 11/04/12, 9:08 am
only the court which appointed this person a guardian of person and property of these two minors have the authority to decide upon the matter whether the property should or should not be given in surety or whatever purpose.
Answered on 11/04/12, 12:19 pm
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