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arun (IT Professional)     17 July 2014

11 lacs lended amount not returned

Dear Sir/Madam

Two years back,I have lended 11 lacs to my elder sister for her daughter marriage .Now she is not returning my amount.Her husband is expired,she has 2 daughters and 1 son.she and her two daughters signed on empty 100rs stamp paper,her son didnot signed in the bond paper.At present there is no property on their name.but there is property on her father in law name and it is not distributed yet now,once property is distributed,they will get property,but they are saying it will take time.pls clarify my doubts

1.can i file case in this situation for asking my 11 lacs amount along with bank fixed deposit interest

2.In case,if they come for compromise,what i should do make them pay money 

3.If they say that they can't able to pay money now,In what bond papers i should ask them to sign for future safety and whether i should ask them to sign on any cheques.



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 5 Replies

T. Kalaiselvan, Advocate (Advocate)     18 July 2014

1.can i file case in this situation for asking my 11 lacs amount along with bank fixed deposit interest

Since you have lent the amount without any evidence, legally you cannot exert pressure on them to return the principle amount itself, forget about the interest..

 

2.In case,if they come for compromise,what i should do make them pay money.

If they are agreeing to repay the loan amount, first obtain a promissory note from them to the loan amount with the rate of interest and date of loan  properly notified in it and witnessed by two witnesses.

Obtain a duly signed blank cheque  for security purpose.  Get a mortgage deed executed in your favor based on the properties they possess.

3.If they say that they can't able to pay money now,In what bond papers i should ask them to sign for future safety and whether i should ask them to sign on any cheques.

See above for answer to this.

Consult a lawyer to get a loan agreement drafted on the basis of the documents so obtained.

1 Like

arun (IT Professional)     18 July 2014

Respected sir,

Thanks for your advice sir,what is mean by mortgage deed sir


Thanks&Regards,

arun

T. Kalaiselvan, Advocate (Advocate)     18 July 2014

A mortgage deed is executed by them by pledging their property in your favor for the loan amount they borrowed and to repay the same with interest within stipulated time failing upon which, you may bring the property mortgaged with you into an auction and realize your loan amount with accrued interest and to disburse the balance amount, if any to the borrower.

1 Like

arun (IT Professional)     18 July 2014

Sir,at present they don't have any property on their name,whole property is on my sister's mother in law name and she didn't distributed her property to her 3 sons yet now.in this situation can i ask for mortage deed sir.

T. Kalaiselvan, Advocate (Advocate)     19 July 2014

For the time being you keep them pacified  by convincing them that the loan agreement if obtained for a formality sake only and let she settle the amount once she is getting the property from her mother in law, then at that time, you can convince her to execute the said mortgage deed in your favor so that you have grip on her over the money you have lent her.

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