quesVehicle under Hypothecation

A person went bankrupt who owes money to me. After multiple follow-ups, he handed over his car and the Original RC to me saying that he will take it back once he repays the loan amount. Now this person is not traceable for almost 2 years. I received a call from the Bank who gave loan to this CAR in year 2007 claiming that the car is under their Hypothecation. Do I have any legal stand on retaining this vehicle? I have a promissory note signed by this person 2 years back.

  • ansYou have no legal stand as regards the said vehicle is concerned, Hypothecated vehicle can not be pledged before the said rehypothecation is released, You have a promissory note which states that he promises to pay you. It does not entitle you to retain the vehicle which has been a property of the Bank being hypothecated with it, Trace out your friend to recover your loaned amount from him.

  • Send a legal notice for recovery of dues @ Rs. 1999/- only

    Know More
  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Consult best Recovery lawyers in India

Similar questions

1. My Mother was employed in health department, govt. of Bihar, My father has withdrawn…

If the contract has been exchanged between the parties but has not been signed and…

I have taken a hand loan for business development purpose of 2Lakhs rupees from friend…

I had got call from quikr relating to provide job. The job is in HUL(Hindustan…

Recovery Lawyers in India

Advocate Prashant Mendiratta

  Lajpat Nagar 4
 Experience: 24 years

Advocate Prabhjit Jauhar

  Connaught Place
 Experience: 20 years

Advocate Dr.Gubbi S Subba Rao

  K G Road
 Experience: 31 years

Advocate Jaspreet Singh Rai

  Greater Kailash 1
 Experience: 14 years

View all >>

How it Works

Know how LawRato makes legal advice easier and effortless

Ask a Free Question

Post a question and get free advice from multiple lawyers

Talk to a Lawyer

Easily find and book private consults with top lawyers in India

Get Fee Estimate

Receive multiple quotations for your legal requirement instantly