Plz advise me, I am working in a bank, when a loan is sanction to borrower, a partnership firm, and as per terms and condition of sanction, properties as securities is mortgaged in favour of bank by motgagor or partner, but before disbursement , the said mortgagor is died. Now his heir as succesor became partner of firm and want for disbursement of loan. Should there need of fresh mortgage between the heir of deceased and bank or, earlier mortgage will be valid and only modification is required. Plz advise.
Asked on 3/01/13, 10:39 am
2 Answer from Attorneys
Jayesh Desai
Jayesh Desai
Fresh Mortgage is necessary, as before mortgage became legally effective; the ownership of the property vested in the legal heir, by operation of law.
Answered on 3/02/13, 10:05 am
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