Mortgage

swetha (Querist) 04 March 2012 This query is : Resolved
Respected Experts,

Kindly let me know if a court can attach a property which has been mortgaged and registered?

Thanks in advance

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s.subramanian (Expert) 04 March 2012
Yes; The court can attach such a mortgaged property and bring the same for sale subject to that mortgage. There is no legal bar for doing so.

Guest (Expert) 04 March 2012
Of course the property can be attached by court of law, if ownership is not transferred before attachment. In a mortgaged property the ownership of property still remains with the mortgagee.

Nadeem Qureshi (Expert) 04 March 2012
Dear Swetha
I also agree with experts

prabhakar singh (Expert) 04 March 2012
@Experts

IT IS QUITE ESTRANGED and DANGEROUS TO LEARN HERE THAT::::

"In a mortgaged property the ownership of property still remains with the mortgagee."

EXPERT ARE EXPECTED TO KNOW AT LEAST THE MEANING OF TERMS THEY USE.Even active passive rule of English with a little IQ can direct the right path.

MORTGAGE is a conveyance of an interest in property as security for the repayment of money borrowed.

MORTGAGEE is a person to whom property is mortgaged.

IT IS MORTGAGOR who is OWNER of the property and mortgages his property to
secure the debt advanced to him by the CREDITOR /mortgagee.

NOW COMING TO THE QUERY::::
@Author Swetha!

The court may attach such a property but the creditor/mortgagee has right to object that attachment showing the fact that his loan is pre secured by the mortgage and court may release the attachment or shall proceed only against surplus left after satisfying the secured creditor/mortgagee's
interest in the property.

@Administrator!
All this is going due to the fact that you ever ignored my request to abolish the score card system
of experts based on number of quires experts answer
and that follows a mad run for answering queries foreign to the knowledge of experts.