I have taken loan from bank 4 years back. On the same property which was mortgaged to bank i have loan from my friend. He was well aware of bank loan still he took sale agreement from me. As now he is filing 420 case in police station. I am agree to register property on his name if he is ready to pay me remaining amount as per agreement made and that amount i vl pay to bank as outstanding bank loan. Still there 420 case can be filed against me if i give this statement in writing to Police. Kindly guide me.
1 Answer from Attorneys
From the facts given in your statement, 420 is not made out if your intention was not to cheat your friend while taking loan and if you had informed him of the bank loan. A second loan is also allowed on same property if the second lender is informed about the first loan / lender. It is called a "second charge" on the same property.
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