640+ Lawyers are online 
Fraud by bank manager in education loan
29-Aug-2023 (In Banking / Finance Law)
My mom took education loan of rs 340000 for me in 2011 and of rs 450000 for my sister in 2012.Then bank manager told my mom that she had not submitted any security for loan taken in 2011 so she have to submit security deposit for both the loan. My mom submited security deposit of 10 lakh MIS that is 4 lakhs for loan in 2011 and 6 lakh for loan in 2012. But now we informed that all the security deposit are only for loan taken in 2012. So we can't repay loan taken in 2011 by releasing MIC of 10 lakh. Now what legal option are there to release that security deposit to repay loan taken in 2011.
I would really need to see the loan documents before assisting. Prima facie, it seems that the bank has retained the security as a collateral for both the loans under general lien, as provided under section 171 of the Indian Contract Act, 1872, which the bank has a statutory power to retain. Please share the loan documents for further assistance.
Helpful?
36+
36+
Adv. Rishabh Kapur
Delhi | 25+ Answers
CONTACT NOW
Who are entitled to general lien
Particular lien in contract Law
General lien Indian Contract Act
What is general lien in Banking
general lien and particular lien
Particular lien example
General lien in contract law
Particular lien section
Particular lien and general lien example
General lien meaning in malayalam
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 Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Banking / Finance lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
