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FRAUD COMMITTED DUE TO MISTAKE BY REGISTERING OFFICE
10-Oct-2023 (In Property Law)
Mr.X gave bank gurantee and mortgage his immovable property. X also sold this mortgage property to 8 persons after mortgage by Bank on the name of flat construction. Flat registry also registered in favour of 8 persons after creation of mortgage by Bank. Now Mr. X is abscond and untracable. Bank placed this property for auction.I am shocked to know even after mortgage by Bank, resistering authority keep on going resister same property to 8 persons. Please help us what these 8 peoples can do legally.
if the property was mortgaged in favour of bank, it would be an equitable mortgage (mortgage by depositing title deeds) and original title deeds must be with the bank. The purchasers would have asked all chain title deeds before purchasing the property and getting registered sale deed. Sub Registrar is an authority to register sale deeds and charging appropriate stamp duty and is not under obligation to make any type of search before registering sale deed. In view subsequent purchasers can't restrain bank to exercise proceedings under SARFESI ACT 2002.
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Adv. S K Singh Chauhan
Gwalior | 100+ Answers
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