mortgage of property

saswati gupta bagchi (Querist) 11 August 2009 This query is : Resolved
A factory is constructed on an agricultural land which is still not converted. Sanctioned plan is there of the factory site. If a bank wants to create equitable morgage of the immovable property i.e. the said factory site against loan, will it be a valid mortgage?

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Sarvesh Kumar Sharma Advocate (Expert) 11 August 2009
if d fectory is not declearing d land in 2 non-agri. land dn it is d issue of changing land(u/s-143)
and the mortgage of dt land on d actual form is cover under banks/mortgage matter.
there is no relation between both.
so, if bank takes all paper of dt land in d actual form(agriculture)then it is a valid mortgage.

Deekshitulu.V.S.R (Expert) 12 August 2009
Mr

The mortgage is valid and whether the land is converted or not is of no question to the Bank. It only consists of whether the mortgage is created or not

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