Transfer of property act sec : 58-f , sec :60
Thirumurugan
(Querist) 22 August 2014
This query is : Resolved
Dear Lawyers,
Mortgage Type: Deposit of title deeds. in a Nationalized Bank.
Mortgagor deceased.
His legal heirs are A,B,C,D,E and F.
a) Who has the right for redemption of mortgage?
b) only A is ready for redemption,not other legal heirs, Mortgaged property will go to A?
C) What legel action should be taken?
Kindly Advice.
Thanks
Anirudh
(Expert) 22 August 2014
Dear Mr. Thirumurugan,
You raised the similar query in the following thread
http://www.lawyersclubindia.com/experts/Settle-sbi-bank-loan-in-proportionality-basis-489216.asp#.U_crbKMjcmU
and the same was answered by experts.
Now, instead of asking further clarification in the same thread, you are opening a fresh thread. WHAT IS THE USE AND PURPOSE?
Thirumurugan
(Querist) 22 August 2014
Dear Mr. Anirudh,
I asked the same Query in different way, the given answer was not satisfied. And, answer given by adv-Jeevan patil is good.
"Take NOC from others provided bank agrees ".
if NOC not given by other legalheirs , what next sir?
Thanks.
Thirumurugan
Anirudh
(Expert) 22 August 2014
Dear Thirumurugan,
Any of the legal heir can redeem the mortgaged property by paying off the debt.
Once the debt gets paid off, the relationship of mortgagor mortgagee will come to an end.
A person (in this case the legal heir) paying off the debt to secure the property either with the consent of other legal heirs or on his own volition in law becomes the owner and entitled to hold and posses the property, till he is reimbursed. In other words, he may hold the property in surety or he may bring the claim against other legal heirs for contribution. [pl. see Variavan Saraswathi v. Eachampi Thevi, 1993 Supp. (2) SCC 201 at pages 205 and 206.]
Thirumurugan
(Querist) 23 August 2014
Dear Mr.Anirudh sir,
This is perfect and complete legal advice.
The person who knows law very well and experience, only can give like this answer.
Thank you very much.
Regards,
Thirumurugan
