Banking Law

Gopal Ranjan Panigrahi (Querist) 12 November 2009 This query is : Resolved
Can property in name of HUF be kept as equitable mortgage in banks.If yes ,whether mortgage deed is to be signed by all HUF members ? What extra documentation is required apart from normal mortgage procedure?

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Raj Kumar Makkad (Expert) 12 November 2009
Generally HUF properties are not mortgaged by banks because it may contains various disputes later on. Even then if decided to mortgage then all members of such HUF are required to put their signature and sanction in case of minor members is required to be obtained from competent civil court.

Y V Vishweshwar Rao (Expert) 13 November 2009
1-I agree with Shri R K Makkad regarding the disputes in HUF proerty after mortgage

2- The HUF Properties can be mortgaged, for the benifit of the HUF, by kartha of HUF

3- The Minor Member's interest in HUF Properties & Court permission - sec 12 of the H M & G Act - there is exemption in respect minors interest in HUF Proerties!

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