Legal Question in Banking Law in Pakistan
security of bank
if bank wants to give loan to ASSOCIATION OF PERSON how do bank secure itself and what is ASSOCIATION OF PERSON status
Asked on 6/11/07, 12:59 am
1 Answer from Attorneys
Re: security of bank
in fact in the case of association of person, each of the individual is jointly and severally liable to the bank to the extent of loaning amount... whatever property forwarded by the AOP , but acceptable to the bank as security, shall be under the lien and other normal prosedures shall be followed.
Answered on 6/11/07, 5:26 am
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