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Equitable mortgage and charge

(Querist) 12 July 2013 This query is : Resolved 
it is possible bank create only equitable mortgage in respect of agricultural land for agriculture loan. Not create Charges in west Bengal.

If E.M. is valid after defaulting the loan bank take legal action against the mortgagor and sale out his mortgage property ?
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malipeddi jaggarao (Expert) 12 July 2013
What is Form-1? If the bank creates equitable mortgage of agricultural land for the agriculture loan it is valid charge. There is no need to create any other charge. What is your problem any way?
R.K Nanda (Expert) 12 July 2013
after EM there is no need for any other charge.
Rajendra K Goyal (Expert) 12 July 2013
EM is valid charge for Agriculture loan.

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