Vehicle 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.
You 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
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