Equitable mortgage

CP Swain (Querist) 21 July 2020 This query is : Resolved
Dear Sir,
I am a banker.My branch is in situated at a Gram Panchayat of Tigiria block.As per the property law of Odisha, Tigiria is a notified area for creation of equitable mortgage.
Kindly advice, wheteher we can create mortgage at our branch since it is in Tigiria block.
From where , We can get the clarification.

Resards,
CP Swain

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Quick Summary

A banker in Tigiria, Odisha, inquired about creating equitable mortgages at their branch, as Tigiria is a notified area under Odisha's property law. Responses suggest that while Tigiria might be a notified area, the creation of equitable mortgages is strictly limited to the city area of Tigiria itself, not the entire block or district. It's advised to consult the local Tahsildar, Sub-Registrar, and crucially, the bank's own legal department for definitive clarification and to ensure compliance with property law and the Transfer of Property Act.

kavksatyanarayana (Expert) 21 July 2020
To my best, the reply is No. However consult the local Tahsildar and Sub Registrar concerned.

Dr J C Vashista (Expert) 22 July 2020
An area is notified for the pupose of local self government, which do not affect title of the land/ property hence there is no legal infirmity / any problem for creating charge/ mortgaging the property.
However, local lawyer can advise you in a better manner.

Dr J C Vashista (Expert) 22 July 2020
Mr. CP Swain,
Before proceeding in creating mortgage of the property you are required to seek legal opinion of your Bank .
As a Banker you will have to seek opinion and advise of legal department of your bank, which is better equipped with knowledge on the subject matter and it will prevail over the opinion and advise of experts on this platform.

J K Agrawal (Expert) 22 July 2020
If tigariya is notified as place where mortgage by deposit of title deeds is permitted as per transfer of property act, the city area of Tigaria only is valid place to get documents. Whole district or the area or other villages not allowed. for this. you should open a branch at Tigaria itself or execute a deed at Tigaria city only.

J K Agrawal (Expert) 22 July 2020
If tigariya is notified aa place where mortgage by deposit of title deeds is permitted as per transfer of property act, the city area of Tigaria only is valid place to get documents. Whole district or the area or other villages not allowed. for this you should open a branch at Tigaria itself or execute a deed at Tigaria city only.

Rajendra K Goyal (Expert) 22 July 2020
Equitable mortgage can be effected in a notified area.

If you are not sure and want to be on the safer side, the title documents can be handed over by borrower at a branch situated at municipal area / confirmed Notified area. Fact of deposit of title deed has to be noted in Recital register of that branch followed by independent confirmation through dak from mortgagor.

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