An agreement has finalised for purchase of 15 cents of land and advance of Rs. 5 lakhs have been made. The property belonged to the late mother. Father had predeceased her. Two sons and two daughters are the legal heirs. Of this, one son went missing more than thirty years ago. In a civil action filed by the son, the Munsiff court has declared the presumption of death of the missing son based on the provisions of Section 108 of the Evidnce Act and has held his share in the property to be partible among the other siblings. Accordingly, the Court has issued the preliminary decree as to the share of the remaining legal heirs. Based on the preliminary decree, the revenue records have been mutated in their names. The agreement is jointly with all of them and the conveyance deed is to be executed by them jointly.
However, the Banks, who have been informally consulted, have expressed their inability to sanction any loan against the property. They are apprehensive that the missing son may return and claim his share. How the Bank and their legal advisors could be convinced of the finality and certainty of the decree? Are there any decided cases?
