Upgrad LLM

auction purchase


if i purchase a commercial vehicle from auction sale of finance company and previous owner has other mortgage debt of which i dont have any idea what is my liability?
 
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Retired Manager

Mortgage debt means a debt created with the security of immovable property like land and building. Movable properties can only be hypthecated.
 
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LEGAL

that means you have to clear those debts,and you must check the auction notice wheather the vehicles were decleared debt free/mortgage free or just nothing is mentioned in that. If there is any such thing then  youi should issue notice to fianancing compnay  or you can sue them too subject to ststement in the invitation /  Acution Notice.

 
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LEGAL

That means you have to clear those debts,;Howver  you must check the auction notice wheather the vehicles were decleared debt free/mortgage free or just nothing is mentioned reagding  that.

If it was declread that the vehicles are debt/mortage /lein free  then  youi should issue notice to fianancing compnay  or you can sue them too for that.

 
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Retired employee.

Every lending against a commercial/personal vehicle must be through registering charge of such hypothecation at RTO.  Once you got cleared the RTO Charge with noc from real financier whose name was incorporated with RTO., you are not liable for any other debt against such vehicle by the previous owner and you should be an innocent purchaser having no relation with such seller.

 
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ha21@rediffmail.com Mumbai : 9820174108

1. Buying ANYTHING in an Auction Sale means that you are buying the property in "as it is condition" with all associated liabilities, debts, taxes, accident claims etc....  There is no exemption or exception to this. 

2. Hence ANY statutory /public liability arising relating from the said Property, shall have to be borne by the Auction bidder /purchaser.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

 
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