I want to advance a loan to someone.
Can i take a blank cheque from lender signed by him with no date mentioned on it as a security in case he commits a default so i could deposit the cheque with due amount in the bank to bring him u/s 138, NIA?
And Can i take original papers of his property (Registry) as security so that he could not dispose of his property and in case of default i could recover my money by selling it through the court.
I asked an expert to draft an agreement but he said that we can't write that you are taking his property papers as security because it is illegal.
