Collateral security

Querist : Anonymous (Querist) 21 February 2022 This query is : Resolved
I give a land as security to get 2 lakh rupees.now amount came up to higher than 2 lakh due to failure in repayments.it means loan amount is higher than value of land which gave as security .Can lender attach additional land from me thru court? Can lender claim my another land?

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If you've used land as collateral for a loan and failed to repay, the amount owed might exceed the land's value. In such cases, a lender can potentially take legal action to claim additional land you own if the original security isn't enough to cover the debt. The court will assess the situation and may grant the lender rights to your other property.

kavksatyanarayana (Expert) 21 February 2022
If the lender files an attachment suit, the court observes the value of the land, and if the security land value is not sufficient, then he may claim another land.

R.K Nanda (Expert) 22 February 2022
Yes, the lender can do it.

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