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Mortgage

(Querist) 03 November 2012 This query is : Resolved 
I GAVE MY PROPERTY TITLE TO A CO-OP BANK, WHERE I AM GUARANTOR, THE TITLE IS GIVEN OUTSIDE NOTIFIED AREA UNDER SEC 58 OF T P ACT, THERE IS NO REGISTERED MORTGAGE OR MEMORANDOM, NOW I AM DICHARGED AS GUANRANTOR BY DIV REGISTRAR BUT BANK UNDER PRETEXT OF MORTGAGE NOT GIVING MY TITLE DEEDS, WHAT ACTION I CAN DO TO GET MY TITLE
RAJU O.F., (Expert) 04 November 2012
Unless you discharge your loan liability with the bank, or unless you obtained an Order from any valid Court directing the bank to return your title documents and if the bank did not go for appeal, you may not get the title documents from the bank.
Ms.Nirmala P.Rao (Expert) 04 November 2012
Dear5 Client,

Your liability is coextensive with that of principal debtor. If the principal debtor makes payment of the original loan amount/debt then bank is bound to return your title deeds as you are duly discharged under equitable mortgage of title deeds given as collateral security for the loan. In case the principal debtor doesn't pay his debt, then bank has the right to retain your title deeds till you pay the loan amount and you can proceed against the principal debtor to recover your the loan amount paid by you to the bank.

Ms.Nirmala P.Rao
Legal Expert
Shyam Ji Srivastava (Expert) 06 November 2012
Learned Ms. Nirmala P. Rao is correct


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