vamshi krishna 10 September 2015
Dear Team,
Our borrower is Individual and given property to educatonal society on rent
borrower approached us for finance for his other business, can lender take this property as collateral
will position changes if educational society offers only technical education.
Regards,
Vamshi
adv.raghavan (Advocate,9444674980) 11 September 2015
I doubt whether the lender can take a positive call on this, without going into the educational society pattern,i.e., whether it is a trust, do they have proper court order to let out on rent, various issues are involved in this. Query is selective need more details to advice you properly.
T. Kalaiselvan, Advocate (Advocate) 19 September 2015
You may answer the queries raised by the expert advocate Mr. Raghavan.
The borrower has entered into a rental agreement or lease agreement with the so called educational society?
You should take an opinion from a local lawyer on this property mortgage/collateral issue before lending the money.
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