Execution of hypothecation deed

AMOL KULKARNI (Querist) 09 March 2015 This query is : Resolved
Dear member
Required guidance on following situation
Hypothecation deed is to be executed for a loan proposal the stamp is purchased after the disbursement of the facility is this stamps will be acceptable for deed of hypothecation or not and what is the solution to this

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Devajyoti Barman (Expert) 09 March 2015
The date of stamp paper must be before the date of disbursement.

AMOL KULKARNI (Querist) 09 March 2015
Dear Sir
Thanks for reply
But is there any legal alternative way to execute the deed

Dr J C Vashista (Expert) 10 March 2015
Agree with expert advise of Mr. Devajyoti Barman.
Alternatively approach and consult a local lawyer.

Devajyoti Barman (Expert) 10 March 2015
welcome...........

RAJU O.F., (Expert) 10 March 2015
Bank has to get the fresh hypothecation deed executed on subsequent date of purchase of the stamp paper

ajay sethi (Expert) 10 March 2015
agree with Mr barman

Rajendra K Goyal (Expert) 10 March 2015
Stamp paper should be of date prior to date of execution of the document.

It can be regularized by paying penalty for not stamping fixed by the authority.

or

The loan account be closed and fresh account be opened with all fresh documents.

malipeddi jaggarao (Expert) 10 March 2015
Hypothetical query. No Bank will disburse the loan without taking the hypothecation deed.

Rajinder KumarAhuja9990725300 (Expert) 10 March 2015
The same stamp papers can be used for the execution of the Hyp.Deed on or after date of its issue.But the bank will have to close the earlier account and open a new one.This will regularize the position without change in their respective positions.

AMOL KULKARNI (Querist) 10 March 2015
Thanks experts
I got the way to resolve the query from above discussion.

c.p.s. ramachary (Expert) 12 March 2015
Hypothecation is also known as mortgage of movable properties for advance given or to be given. Hence there is noting wrong in obtaining documents subsequent to disbursement. However the document must be executed on or after the date of its purchase.

T. Kalaiselvan, Advocate (Expert) 12 March 2015
Agreed with the views and opinions of experts.

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