creation of mortgage

G V SUBBA RAO (Querist) 11 September 2010 This query is : Resolved
Dear Sir,

I am the branch manager of State Bank of India. We have recently opened a new branch in Pamidipadu in Prakasam District. Please advise us whether it is a notified centre for creation of equitable mortgage, by deposit of title deeds.

(G V SUBBA RAO)

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Guest (Expert) 12 September 2010
(1) Under Transfer of Property Act, there is no restriction for advancing loans on deposit of title deeds by creating equitable mortgage in any part of India. (2) But only when it comes to recovery of money by auctioning the (registered) mortgaged property or by a private sale without the intervention of Court, the jurisdiction of the mortgaged property is considered whether the said property falls under the cities/towns notified under the Gazette of India.
(3) Action taken for default under the Point No.2 above, the location of your branch is not the criteria but its the property given as security that is important for jurisdiction purposes with or without the intervention of the Court.

Parthasarathi Loganathan (Expert) 12 September 2010
You need to check up with the AP State Government site and verify the same with local DM's office. Notified centre list is also published in the Government Notifications.

V.V.RAMDAS (Expert) 12 September 2010
Dear Subbarao Sir,
Please consult your nearest controlling Branch.

GIRISH SULE (Expert) 13 September 2010
1. Obtain necessary instructons from your main branch if you are authorised to get mortgage .
2. Deposit of title deed is the safest way to ontain the mortgage .
3. Also obtain the information if there is already a charge over it .
4. Obtain a title verification report first .

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