Co-operative bank auction procedure

Pushpalatha H (Querist) 26 January 2025 This query is : Resolved
What to do if notice received for measuring property pledged with the bank?

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T. Kalaiselvan, Advocate (Expert) 26 January 2025
You may have to appear before the property at the time of measurement and record your objections wherever you have one.

kavksatyanarayana (Expert) 26 January 2025
When the property is under mortgage with the bank, which notice and from who did you receive it?

Pushpalatha H (Querist) 26 January 2025
Property owner(Mother)expired. Notice received from co-operative Bank where property pledged. Notice issued in the name of mother. Four legal heirs. Other legal heirs don't know about this.

T. Kalaiselvan, Advocate (Expert) 26 January 2025
If there is a subsisting loan on the property then the legal heirs who inherit the property are liable to repay the loan or the bank will bring the property for auction sale as per law to appropriate the outstanding loan amount out of the auction sale proceeds

Pushpalatha H (Querist) 27 January 2025
At present no notice issued against the legal heirs. The property is in the name of mother. So can we stop the procedure temporarily?

kavksatyanarayana (Expert) 27 January 2025
No. The legal heirs of your mother are liable to repay the loan.

P. Venu (Expert) 09 February 2025
With the expiry of the holder, the property has already devoved upon the legalheirs.he legal heirs are liable to the extent of estate they had received from the deceased.

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