631+ Lawyers are online 
Ownership of Collateral Security if given to bank
14-Oct-2023 (In Property Law)
If a collateral security is given to some bank on behalf of someone, does the ownership of that property remains in the hand of the original owner or the one on behalf of whom he's given the security?
The question is very much dependent on the nature of the mortgage executed and if any document executed between original owner and the person on whose behalf security is given. However when collateral security is given to some bank on behalf of someone the ownership of property remains with original owner subject to mortgage.
Helpful?
10+
10+
Adv. Pavan Pandharinath Uttarwar
Aurangabad, Maharashtra | 25+ Answers
Chat
Dear Sir,Madam,
The Ownership remains with the original owner, only in case of a default the mortgagee( Bank) is allowed to proceed in law and seek appropriate reliefs against the collateral security of the Mortgagor( the one who keeps the collateral) .
The Ownership remains with the original owner, only in case of a default the mortgagee( Bank) is allowed to proceed in law and seek appropriate reliefs against the collateral security of the Mortgagor( the one who keeps the collateral) .
Helpful?
24+
24+
Adv. Mohammed Zain Khan
Mumbai | 100+ Answers
CONTACT NOW
Ownership of that property is with the lender bank only. The original owner is conditional owner after satisfying all due amount he will get possession & ownership of that property. Collateral security have no relation with ownership.
Helpful?
23+
23+
Adv. Bharat Pandirao Pawar
Pune | 500+ Answers
CONTACT NOW
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 Property 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."
