Education loan with collateral - legal opinion
Guest
(Querist) 24 May 2018
This query is : Resolved
I have secured admission to a University in the US for pursuing Masters and to support my education, I have planned to avail an education loan from SBI with collateral. My dad will be the co-borrower and we are pledging our ancestral property, which was handed down to him by his father after partition.
However, in the partition that took place in the year 1973, two of my father's sisters were not a party and had not signed the deed. But they have taken possession of their part and paid their taxes accordingly. Subsequently, they had sold their part after a couple of years as well.
Now I have approached SBI for loan pledging my father's part in the partition. The lawyer who is giving the opinion says that since they were not a part of the deed, they can get the deed canceled even now in the legal eye, else I will have to produce proof that they have sold the land(It's been 45 years since the original partition deed)
Could someone please let me know if this view is correct
Ms.Usha Kapoor
(Expert) 24 May 2018
After the partition y6our sisters though not parties to the partition deed given separate land and which land your father's 2 sisters sold subsequently. If you have proof that they have sold the land you can retain your father's share of his ancestral property.To be on the safe side take a relinquishment deed from y6our father's sisters that they don't have right, title and interest
which have been released in your favor etc.Register the Relinquishment deed.
rajeev sharma
(Expert) 24 May 2018
You have stated that two sisters of your father were not party to the partition deed of the property but they got a share in the property and sold their share. Whether this was done prior to execution of partition deed ? If no whether they too were given a share in the property though they did not sign the partition deed? Please check the facts and let us know so that we me give you a clear opinion.If your father's sister were in the knowledge of the partition deed for last 45 years and was also knowing that the partition has actually acted upon then they are barred from raising any objection on the ground of adverse possession and your father has a legal title on the land. To fortify this claim you may get a declaration/ relinquishment signed and registered from their side that the sisters' of your father has no claim on the share of your father in the property.
Guest
(Querist) 24 May 2018
His sisters were aware of the partition and they were given their shares in the partition.
However, they did not sign in the deed for reasons I'm not sure.
But they had acquired their property and had even sold off their parts 20 years after the partition happened.
Now, my dad and his sisters are not in good terms and hence getting a declaration from them would not be easily possible.
Hence, the advocate assigned by the bank is asking us to submit a certified copy of the sale deed(of his sisters selling off their part to a third party).
My query is can his sisters get the deed cancelled even after 45 years? Is that point put forth by the advocate valid?
Guest
(Querist) 24 May 2018
His sisters were aware of the partition and they were given their shares in the partition.
However, they did not sign in the deed for reasons I'm not sure.
But they had acquired their property and had even sold off their parts 20 years after the partition happened.
Now, my dad and his sisters are not in good terms and hence getting a declaration from them would not be easily possible.
Hence, the advocate assigned by the bank is asking us to submit a certified copy of the sale deed(of his sisters selling off their part to a third party).
My query is can his sisters get the deed cancelled even after 45 years? Is that point put forth by the advocate valid?
Ms.Usha Kapoor
(Expert) 28 May 2018
As per Kabini, querist his sisters were aware of partition. then as put it by learned Advocate Rajeev Sharma they are debarred from raising any question relating to partition.To buttress your claim you take registered relinquishment deed from these two sisters as I already stated in my opinion.
