448+ Lawyers are online 
What if property given to someone else for collateral be claimed
09-Jul-2023 (In Property Law)
Hello my parents have let their friend use our flat as a collateral for his business needs . Now we have asked the person several times to remove the property from the bank as collateral as we are required to sell the property due to family needs . However the person still haven’t responded. Kindly suggest any legal help we can pursue towards the concerned party and bank regarding this. Thank you for advice
sir
you issue the legal notice to the bank stating that you want to withdraw your property from the collateral, so that bank can issue notice to him to pr ovoid another collateral to him . if not you can file suit in court on your father friend and on bank.
Helpful?
12+
12+
Adv. C Rama Sashtry
Hyderabad | 25+ 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."
