partenership firm

Querist : Anonymous (Querist) 19 February 2011 This query is : Resolved
whether one partener can maortgage his joint family property and avail loan in the name of his partnership firm.
is there any case law.

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Devajyoti Barman (Expert) 19 February 2011
If the property does not belong to the firm then the Bank would not grant loan to the Firm at the first place. But yes the partner can declare the property to be partnership property and the bank would definitely ask for proof on that regard.

adv. rajeev ( rajoo ) (Expert) 20 February 2011
He can mortgage the property and can avail the loan for the partnership firm in the name of the firm.

Querist : Anonymous (Querist) 20 February 2011
THANX FOR REPLY.
IF THE PARTNERS ARE OUTSIDER AND NOT JOINT FAMILY MEMBER CAN ONE PARTNER MORTGAGE HIS JOINT FAMILY PROPERTY IN THE NAME OF PARTNERSHIP FIRM AND AVAIL LOAN FOR PARTNERSHIP FIRM.

Devajyoti Barman (Expert) 20 February 2011
Only if that property is shown/treated to be the partnership firm, not otherwise.

Uma parameswaran (Expert) 20 February 2011
Consent of other partner is necessary.

malipeddi jaggarao (Expert) 22 February 2011
Partner can mortgage his personal property for availing loan to the partnership. If the property is not individual property but joint family property, it can not be mortgaged to obtain loans to the partnership firm unless all the joint owners join as guarantors to the proposed loan for the partnership.

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