Attachment by bank over loan amount n can we able to buy any vehicles
21-Jan-2023 (In Property Law)
If a property has been attached by a bank due to a loan default, the bank typically has the right to sell that particular property only to recover the outstanding loan amount.
Regarding your mother's plan to buy a car, it's important to bear in mind that if the property has already been attached by the bank, it may not directly affect the car purchase and it may not lead to the car attachment in the bank. Generally, the bank's claim is limited to the attached property or assets related to the loan. However, if the loan default issue remains unresolved and the bank obtains a court order for recovery, they might have the authority to attach other assets if they are deemed as part of the borrower's assets that can be used to repay the debt.
52+
11+
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.
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."
177+ Lawyers are online
