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parvez k monir   07 April 2018

auction purchaser

what is the right of auction purchaser when secured asset is given back to the debtor


 3 Replies

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer)     16 April 2018

In my experience, no right. My experience was as the creditor.

Master Warrior (AOR)     25 April 2018

The question is a bit confusing.

THe way I understand it:

1) You purchased the property at auction
2) Property had a loan on it
3) You are asking what rights you have to the property.

If the property had a loan on it, property is subject to the loan and documents will be returned to the person who had the loan.

If you purchased the property at auction from the bank/lender, and they were the primary lienholder, then your rights are that of the owner (as you are now the owner and property should be registered in your name).


Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer)     26 April 2018

The answer to the question is also confusing. Suppose A had a property which he had mortgaged to B and taken a loan. The loan is not returned and B goes to court for recovery of his loan with interest. The court decides in favour of B and puts the property on auction. C bids and wins the auction. At the end of the auction the results are recorded. Thereafter C has to pay the money and go through the formalities to acquire the properties. But before such action is taken, court may allow A and B to come to an understanding and resolve the issue. Often the creditor tries to get the property cheap. He will work in that direction.

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