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Keeping property as security for loan given to someone
29-Aug-2023 (In Civil Law)
I Have paid few Lacs to one person, but the payment was done in separate person account on behalf of him, I have cheque of equipment amount. I have a option to take his property as security (Do register agreement of his property were he stay now). In this option will I will be able to easily hold such property after date mentioned in agreement, what would be implications if he denied to provide me possession. Or I do a separate agreement mentioning all fact of payment and receive a fresh cheque. Or directly put the case under Section 138. Advise best option in respect of time, sec
your query is very vague, I would like to know are you having any proof to lend money to that person as property without consideration may not be mortgaged . in mortgage you may have possession till loan is repaid. In registered mortgage the mortgage deed shall be registered with sub registrar. In equitable mortgage the owner shall deposit title deeds with intention to secure loan. .5% of loan amount will be stamp duty. In english mortgage /mortgage cum conditional sale deed is prepared with condition that loan would be repaid by a specific date and if the borrower fails, the transaction shall take place as sale and the creditor shall have owners rights. Stamp duty as per state stamp duty act will be applicable.
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Adv. S K Singh Chauhan
Gwalior | 100+ Answers
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