Legal opinion on property documents to accept landed property as security of loan A/c. Company 1.

Mr. Z

Address….

Dear Sir,

Re: Legal opinion on property documents to accept landed property as security of loan A/c. Company 1.

We refer to your letter dated 17.07.2006 on the above matter. We have perused the documents/papers referred to us.

Upon perusal of S.A. Khatian No. 2637 it appears that land measuring 0537 ajutangsha under Dag No. 5538 and land measuring 1201 ajutangsha under Dag No. 5539 in total land measuring 1738 ajutansha has been recorded in the name of Mr. x. After the death of Mr. x his heirs, Mr. Y and 10 others became owners of the land.

It appears from (D.P.) Khatian No. 17175 that land measuring 2252 ajutangshsa under Dag No. 17272 has been recorded in the name of Mr. Y and 10 others

Mr. Y and 10 others claimed that though their predecessor Mr. x was owner of 1738 ajutangsha as per title deed but 2252 ajutangsha as per physical possession. As such subsequently the excess land measuring 0514 was recorded in their names as per recent survey and in support of their claim one of the present owners, Mr. Y has sworn an Affidavit dated 29.06.2006 before 1st Class Magistrate. We have been informed that the landed property has not been mutated in the name of the present owners.

In view of the above, we are of the opinion Bank may accept the property as security of the loan upon compliance the following formalities:

  • The physical possession of the property in question must be ascertained by a conversant surveyor.
  • Mutation Khatian in the name of the present owners certified by Assistant Commissioner of Land must be obtained.
  • A Letter of Undertaking from all the landowners to the effect that they are the present owners of the property in question, if any other person claims any right, title and interest over the said land and if bank suffers any loss or damages for such claims, they shall indemnify the Bank.

If you have any further query please do not hesitate to revert back to us.

Thanking you.

Yours faithfully,

………………….

For: “The Lawyers & Jurists”

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