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Discussion > Business Law > Banking > Mortgage of Agricultural Land   Unanswered Threads Post New Topic

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There are 13 Replies to this message


Akshadharan P R S


Advocate
[ Scorecard : 29]
Posted On 10 September 2008 at 23:47 Report Abuse

Want to know, Is there any law which prohbits the mortgage of Agricultural Land in Kerala ?

If no, whether any permission is needed from the revenue / other authority ?



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Prakash Yedhula


Lawyer
[ Scorecard : 23423]
Posted On 13 September 2008 at 13:22 Report Abuse

 I dont think there can be any prohibition for creating a mortgage of agricultural lands. Nor any permission need to necessary.



Suresh CSLLM


Service
[ Scorecard : 182]
Posted On 31 December 2009 at 14:33 Report Abuse

agriculture land is state subject. there are some some state that prohibits mortgage over agriculture land.

Suresh

 



SURENDRA KUMAR RAKHECHA


PRACTISING CA
[ Scorecard : 98]
Posted On 21 January 2010 at 20:28 Report Abuse

Practically; many a time when approached to the bankers; they don't accept agricultural lands as security.



TVD Rajkumar


Advocate
[ Scorecard : 175]
Posted On 29 January 2010 at 10:56 Report Abuse

Practically; many a time when approached to the bankers; they don't accept agricultural lands as security."

Mr. Surendra, the reasons could be many. One could be that you cannot proceed against such properties under SARFAESI Act



Parthasarathi Loganathan


Advocate
[ Scorecard : 5842]
Posted On 02 February 2010 at 20:43 Report Abuse

Banks never discourage Agriculture lands as security.  Though the same is excluded from the purview of SARFAESI Act for possession by the lender in case of default, there is statutory obligation on the part of nationalised banks to accept them as Prime as Collateral security to comply by the Priority Sector norms fixed.  No state can exclude Agricultural lands as security.



nishad


Asst.Manager Legal
[ Scorecard : 287]
Posted On 08 February 2010 at 20:24 Report Abuse

there are states like karnatak which prohibits mortgage of agri land for any other purposes other than agri purposes....



Parthasarathi Loganathan


Advocate
[ Scorecard : 5842]
Posted On 09 February 2010 at 18:38 Report Abuse

Of course Agricultural lands are accepted as Security only for loans granted for Agricultural activities as per Priority Sector Advances norms.



Satish


Director
[ Scorecard : 24]
Posted On 18 May 2011 at 19:18 Report Abuse

Can the banks sell the Agricultural Properties under SARFASI or any other means from a Borrower on his Account become NPA on 31.03.2011. What is the  procedure for recovery once the account become NPA

 

Regards

 

Satish



RAJU O.F.,


Advocate
[ Scorecard : 3193]
Posted On 22 May 2011 at 14:08 Report Abuse

Banks/FI can not sell secured agricultural properties directly, under the SARFAESI Act.  But such properties can be sold by filing suits in civil courts or DRT




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