Bank related
Uday kumar
(Querist) 09 October 2011
This query is : Resolved
Hi,
In April 2010 we received a notice(Rs.60000) from bank that my grandmother was guaranter in a loan furnished in 1985 of Rs.45000.In this loan a paper of sale deed of my grand mother is mortgage in favour of loan and loany becomes defaulter So,bank send this notice for settlement of loan.This is the first notice from bank.After, receiving this notice we enquiry about that property we found that this property was recorded in the name of other person on the basis of fake survey instead of my grandmother according to local Karamchari record and in half portion of that said land a house present of other person and he shows a fake paper of sale deed of that said property .This was happened after mortgage of that sale deed.Further enqury we found that bank file a case in 1988 and take ex party order to recovery Rs.51000 from borrower in 1996 after that bank didnot execute any suit because the record of this case was still present in the office of respective court and after 3 yrs. in 1999 the record was sent to the record room.Now,bank demand Rs.953000 for settlement.Then how this property was recovered to me please help me?Is bank responsible for recovery of this property because this saledeed is mortgage in the bank?Before recovery we settle loan with bank or not,please help me?If bank is responsible for recovery then what type of action take against bank?
R.Ramachandran
(Expert) 09 October 2011
Dear Mr. Uday,
You have not indicated as to where the property is located.
However, from the facts revealed by you, it appears that your grand mother took the loan from the bank by effecting equitable mortgage (i.e. depositing the title deed) of the property.
Just because the property had been mortgaged to the bank, it is not the responsibility of the bank to ensure that the property is safe. As owner, it was the responsibility of your grand mother to ensure that she did not lose possession of the same to anybody.
It appears that for well over 25 years, you people are oblivious to the existence of such a property and left it unattended and uncared for. Therefore, to take back the possession of the property, you have to institute a separate civil case.
You say that the bank had obtained ex-parte decree for recovery of money from the borrower in the year 1996 and did not move execution petition for giving effect to the said decree. In that case, the limitation period for execution of the said decree had expired and bank does not stand a chance to recover a penny from your grand mother now. However, you will also not be able to get the original title deeds from the bank without effecting the dues. To get the document from the bank, you have to file a separate suit against the bank.
Shailesh Kr. Shah
(Expert) 09 October 2011
Dear Uday
please come with all facts to take advise.
http://www.lawyersclubindia.com/experts/Bank-related-225901.asp
http://www.lawyersclubindia.com/experts/mortgage-of-property-in-bank-206316.asp
