Suretyship
bhuvi garg
(Querist) 09 April 2012
This query is : Resolved
i have mortagaged my property and original is with bank.now i want to become surety in connection with bail bond of person accused of a kidnapping case.can i do so with duplicate or any way out.
thanks
Nadeem Qureshi
(Expert) 09 April 2012
Dear Bhuvi
it is depend on the court, court may be accept or reject you bail bond.
feel free to call
Raj Kumar Makkad
(Expert) 09 April 2012
Court requires the property of the surity free from all types of the encumberances. As your property is already mortgaged, you are not entitled to be a surity on the basis of the aforesaid property.
V R SHROFF
(Expert) 10 April 2012
yes you can, with certified true copy of Agreement+ ration card+ tax & mtn, electricity bill+ ur salary pf
Usually Surety is for 15 k , Ur Properety + other may have half the amt of loan .
As Shri Rajkumar says, this Property is not yours, as bank loan on it, So it is true; but court have inherent power.
Court usually consider it.
SAINATH DEVALLA
(Expert) 10 April 2012
No Gentlemen,Once mortgaged property is not accepted by the court as a suriety.I have recently undergone a similiar experience.Property already mortaged with a bank worth 1 crore,was not accepted for a bail bond of 1lakh.I feel it is risky.
