Mortgagability of plantation estate

Querist : Anonymous (Querist) 19 October 2011 This query is : Resolved
Dear Sirs,

I would like know in details about mortgaging the planation estate to secure a loan from commercial bank with reference to state of karnataka.

1. Is such a mortgage possible ? If so does it require any approvals from authorities ?

2.If it is done so can that be enforced under SARFAESI Act in case of default ?

3. What are remedies available to the bank to secure their capital and interest in case of default ?

Please let me know these details.

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Devajyoti Barman (Expert) 19 October 2011
It depends upon the priority/credit policy of the particular Bank.
1.Legally speaking equitable mortgage can be created.
2.Yes certainly.
3. SARFAESI Act itself. Moreover it can file civil suit for foreclosure and sale.

prabhakar singh (Expert) 20 October 2011
1. IT MAY BE POSSIBLE ONLY IF THE LAW GOVERNING AGRI-LAND IN STATE SO PERMITS FOR IT.HENCE CHECK THE LOCAL LAW.

2]NO,IN MY VIEW.

3]A DECREE OF DRT.

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