Legal Question in Banking Law in India
Sir iam from chennai and friend asked my property document as collateral security for his loan amt of rs.15,00,000/- i was around 6 months back, but now we broke our friendship is there any possibilities for cancelling the collateral security of my property from bank.
Asked on 6/23/13, 2:27 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
Did you sign any document offering your property as collateral security to the Bank. If not, get back the document from your friend and issue a public notice warning against anybody dealing with your property. Otherwise, the Bank can hold you liable and there is no releif.
Answered on 6/24/13, 6:06 pm
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