I had purchased a vehicle under hypothetical from ICICI bank. The vehicle was repossessed by the bank and it was later sold by the bank to a third party. A few days ago I was informed that the vehicle was involved in a fatal accident and I have been named as the owner as it seems that the bank authorities did not carry out the proper ownership transfer paperwork when reselling the vehicle. Do I have a liability in this case?
Yes, you are liable unless you can prove the fact of bank's taking possession of the vehicle and sale of same, before the accident.
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