Original Sale Deed lost by bank

Querist : Anonymous (Querist) 03 February 2010 This query is : Resolved
I had taken a home loan from a private bank in 2006 to purchase a flat jointly with my spouse and repaid the same by Oct 2009 (not foreclosure) due to high interest rates. I waited patiently for 3 months for the bank to return my original documents along with the original sale deed. To my disappointment, the bank issued a letter to me saying the they had lost/misplaced the original sale deed and are in the process of recreating it. I learn that that they had already lodged a FIR, placed advertisements in local media as a part of the process after which they would issue all these documents along with the true copy of certified sale deed. In this regard I have the following queries :

1. Is this "certified true copy of sale deed" is as good as the original deed along with the above documents?
2. Would I face any problem disposing my property in future?
3. Can my original deed be misutilised by any third party? if yes, in what way?
4. With reference to above, what legal remedy do I have against the bank? Can I ask them to issue me an Indemnity bond against financial losses and/or harassment to me in future on account of the lost deed?
5. What other remedies do I have to secure my property?

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R.R. KRISHNAA (Expert) 03 February 2010
1. Certified copy is as good and valid as the original.

2. Few problems in the form of verification and requirement of the original sale deed by the prospective purchasers may come in future. You can show a paper publication and police complaint about the lost deed as proof that the original deed is lost by the bank.

3. In order that the original should not be misutilised, it is advisable to file a police complaint and also give paper publication that the deed is lost and anyone dealing based on the original deed will be doing so at their own risk and consequences.

4. You can file a consumer complaint for deficiency in service against the negligent bank and claim compensation.

5. You can take a letter from the bank that the bank has lost the original deed as additional proof of loss of document.

Querist : Anonymous (Querist) 03 February 2010
thanks Mr Krishna. Just one more question. Do I file the case before the bank completes the formalities as mentioned above or do i wait for the documents and then proceed legally?

Regards

Rishi

R.R. KRISHNAA (Expert) 03 February 2010
You can file the case immediately. No need to wait for the bank to complete the formalities.

Raj Kumar Makkad (Expert) 03 February 2010
I do agree with Krishnaa.

Querist : Anonymous (Querist) 08 February 2010
Thanks Mr Krisnaa and Mr Makkad.
The bank has informed me that the would be handing me the following documents in 10 days:
1. Certified copy of the sale deed
2. Copy of FIR
3. Copy of public notice released in newspaper
4. Letter from the banks lawyer expaling the steps taken by the bank
4. Letter from the bank saying that the deed was lost
The question is: As I am initiating a Consumer forum case against the bank, should I receive these documents ? Does receiving these documents amount to a settlement ?
regards
Rishi