Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
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francis (CHIEF)     12 December 2013

Collateral security given pls advice

SIRS,

I have given my property as Collateral Security of my Ex-Friend's Relative now he is not repaying the loan amount now i got letter from bank as Demand Notice. Shall i file a complaint as Criminal case or is it civil case.

Pls Advice.

Regards

Francis



Learning

 1 Replies


(Guest)

                       you have stated that you have mortgaged your property to the bank as collateral security to your friend's loan. So you are under obligation in law to discharge the loan if your friend does not pay or else there is a likelihood of your bank to  proceed against your property  for the recovery of  the mortgage loan. Under the given circumstances the best way is to  request your friend to repay the loan and get your property released from the bank free of  mortgage charge.


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