return of security

Querist : Anonymous (Querist) 04 November 2010 This query is : Resolved
I WAS GUARANTOR TO A BANK LIMIT.

THE BORROWER DEFAULTED HENCE BANK APPLIED FOR RECOVERY CERTIFICATE UNDER MCS ACT 1960.

ASST REGISTRAR DISCHARGED ME AS GUARANTOR IN 2006.

BANK APPEALED TO DIV JOINT REGISTRAR THERE ALSO I WAS DISCHARGED IN 2010.

STILL BANK IS NOT RELEASING MY SECURITY PAPER THAT IS TITLE OF MY PROPERTY.

WHAT I CAN DO IN THE MATTER.

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Arun Kumar Bhagat (Expert) 04 November 2010
Take up the matter with banking Ombudsman.

Raj Kumar Makkad (Expert) 04 November 2010
You can also approach Divisional registrar wherein appeal was decided and can pray to direct the bank to return your security papers within a stipulate time to save you from further losses.

R.Ramachandran (Expert) 04 November 2010
Dear Anonymous,
Do you mean to say that after Divisional Joint Registrar, the Bank has no other appeal machinery? If the bank has option for further higher appeal, how can you expect it to return your documents (given as security)?

B K Raghavendra Rao (Expert) 04 November 2010
Approach consumer court.

s.subramanian (Expert) 04 November 2010
I agree with Mr.Arun and Mr.Rao.

Devajyoti Barman (Expert) 05 November 2010
Approach ombudsman first and then to the consumer forum.

Rajeev kulshreshtha (Expert) 05 November 2010
I agree with Mr. Barman.

Parthasarathi Loganathan (Expert) 05 November 2010
Please check up with the bank concerned as to whether the same property is extended as continuing collateral securities to any other loans in the capacity of a co-obligant or guarantor to the same. Banks generally do not hold security where mortgage is released.