Attachment of property by bank for default case

SUDIP ROY (Querist) 30 July 2010 This query is : Resolved
Dear Sir,

My husband has 22lac Bank loan and for other reason I want to divorce him. I demand a property from him and he ready to give that but my query is that can Bank take possession of that property in future after he gifted it to me and if I get divorce?

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Devajyoti Barman (Expert) 30 July 2010
Yes unless there is charge in the property in lieu of your future maintenance.

Y V Vishweshwar Rao (Expert) 30 July 2010
The Property is already mortgaged to bank ! it is to be redeemed /discharged before the Gift is made to you . You can enquiry with the Bank how much loan is due as mortgage due loan amount .

Parthasarathi Loganathan (Expert) 30 July 2010
Rao saheb is correct. The owner of the property should be fully discharged of all the liabilities as the property is the prime security to the loan. He has no right to transfer the ownership in favour of anybody as long as there is a valid mortgage.

Sachin Bhatia (Expert) 30 July 2010
Yes Bank can take possession of that property to recover the loan amount.

G. ARAVINTHAN (Expert) 31 July 2010
Bank can recover if that property is mutated in your name too

DEFENSE ADVOCATE.-firmaction@g (Expert) 05 August 2010
You can create private trust to be dated earlier to the bank transection and witness it, a simple way to escape.

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