Mortgage of land
krishna mohan
(Querist) 27 August 2014
This query is : Resolved
Mr" A "has mortgaged his property to Mr'B' and in that mortgage deed it is clearly written that land is being mortgaged for Rs 20000(this is mortgage without posession type)
But on separate bond paper 'A'acknoledges the receipt of 10 lakhs as he really borrowed that money from 'B'
Now 'A'wishes to get released his mortgaged land with court decree by depositing 20000 in court saying that 'B' is denying to take 20000
Is it possible for 'A 'to get his mortgaged land released without really paying 10 lakhs as it is mentioned in mortgage deed only for 20000
Is there any provision that B can link the mortge money and bond paper money and then only liable to release the mortgaged land
Anirudh
(Expert) 27 August 2014
One has to see the exact contents of both the documents before giving any view.
malipeddi jaggarao
(Expert) 27 August 2014
If the creditor (person who gave money) is a private lender (not a Bank), under given facts in thread, the mortgage limits for only Rs.20000/- and once the amount is paid as per the terms of mortgage deed, the mortgage should be released. However, for the other debt of Rs.10 lakhs, the lendor can go to a court of law for recovery as well as for attachment of this property before judgement.
Give clear facts instead of giving the information in piece-meal.
Rajendra K Goyal
(Expert) 27 August 2014
The debt against the mortgage is paid after the money taken against mortgage is paid off.
For another loan taken the mortgagee can retain the documents as general lien if any such understanding is available.
ajay sethi
(Expert) 27 August 2014
agree with MR malipeddi
P. Venu
(Expert) 27 August 2014
The mortgage is redeemed if Rs.20000/- is given.
The receipt of 10 lakhs could be considered as a separate transaction and could be recovered through a civil action, if not time-barred.
The mortgaged property even if redeemed could be got attached.
From the facts, it appears that transaction had been split up to save stamp duty. Law is unable to help when one tries to evade its rigours.
T. Kalaiselvan, Advocate
(Expert) 30 August 2014
I agree to the views and opinions of expert Mr. P.Venu on the subject. Both are of two different entities and should be dealt in the way prescribed for them.
