Bank displaced property papers given as guarantee. Legally what to do?
A bank has misplaced my original property papers that I had given to them against a loan taken in 2005. In 2014, after I had cleared all the dues taken from the bank, I asked them to return my original property papers that they had used as a guarantee against the loan they had given me.
To my surprise, I was told that they had misplaced the same papers. Can we take any action against them legally now?
When a person takes a loan and deposits a security of collateral to the lender in lieu for that loan, so its the duty of the lender to keep that safe as the custodian of the same and in case there is any misuse of the document by them, the bank shall be liable.
In your case, your bank has failed in their duties in keeping those documents safe .You can file a suit for damages against that bank for misplacing your important documents or you can file a complaint in the consumer court. You can file a suit for damages and a consumer complaint simultaneously in both the forums.
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