mortgage

mayur satarle (Querist) 14 March 2014 This query is : Resolved
Can there be a subsequent mortgage of the same property when the first mortgage is in existence? Can i get a relevant citation on this part?

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Devajyoti Barman (Expert) 15 March 2014
Yes, it is permissible under law. For citation make personal effort.

Dr J C Vashista (Expert) 15 March 2014
Yes permitted for subsequent mortgage, if lender agrees

Rajendra K Goyal (Expert) 15 March 2014
Yes, second, third mortgage possible if original lender permits so.

Citation not provided in this section.

Guest (Expert) 15 March 2014
Tripartite agreement is possible on mutual consent of the parties.

About citation, since you are a lawyer, you can amd should try to locate yourself, as per the characteristics of the case.

prabhakar singh (Expert) 15 March 2014
Subsequent mortgage is legally possible even without consent of first lender but risk is that first mortgage would be given preference by law over second one.

T. Kalaiselvan, Advocate (Expert) 15 March 2014
I agree with the opinion by expert Mr. Prabhakar Singh on the subject. In the event of a second mortgage, the first mortgage will be given priority at the time of liquidation.

R.V.RAO (Expert) 16 March 2014
YES.first mortgage carries preference over second.
consent of lender's who have first mortgage is a vital issue.
courts take a more favorable view in case of first mortgagor.
for citations or recitals,pl. search google search engine.

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