Legal Opinion on Regarding Mortgaged Properties, A/C. M/S Company 1.

Mr. Z

Address….

Dear Sir,

RE:      LEGAL OPINION ON REGARDING MORTGAGED PROPERTIES, A/C. M/S Company 1.

Please refer to your letter dated 17.05.2007 (received on 22.05.2007) on the above subject.

We understood that the Bank 1 (the “BANK 1”) came to know from the reliable sources that the mortgaged property mentioned in the Sl. (ii) of the Schedule “B” of the Artha Rin Suit No. 02 of 2007 is also lying mortgage with the Bank 2 (the “Bank 2”) against credit facilities availed by the captioned borrower. Upon perusal of your letter it is clear that at first, the property in question was mortgaged with BANK 1 and the same was mortgaged with the Bank 2 for the second time. In such situation we are requested to provide our opinion on the same as to protect the interest of BANK 1.

Our opinion is as follows:

BANK 1 has already filed Artha Rin Suit No. 2 of 2007 in the Artha Rin Adalat, 4th Court, Dhaka against the borrower and mortgagor/guarantor(s) for recovery of its outstanding dues by sale of the mortgaged properties. Since the BANK 1 is the prior mortgagee and the Bank 2 is subsequent mortgagee therefore BANK 1 has 1st charge over the said property and the BANK 1 is legally entitled to recover the outstanding loan amount from the sale proceeds of the mortgaged property. In such situation best possible course of action would be for BANK 1 to proceed with the Artha Rin Suit as usual.

If you have any further query, please do not hesitate to contact us.

Thanking you.

Yours faithfully,

………………….

For: “The Lawyers & Jurists”

Disclaimer:

The information contains in this web-site is prepared for educational purpose. This site may be used by the students, faculties, independent learners and the learned advocates of all over the world. Researchers all over the world have the access to upload their writes up in this site. In consideration of the people’s participation in the Web Page, the individual, group, organization, business, spectator, or other, does hereby release and forever discharge the Lawyers & Jurists, and its officers, board, and employees, jointly and severally from any and all actions, causes of actions, claims and demands for, upon or by reason of any damage, loss or injury, which hereafter may be sustained by participating their work in the Web Page. This release extends and applies to, and also covers and includes, all unknown, unforeseen, unanticipated and unsuspected injuries, damages, loss and liability and the consequences thereof, as well as those now disclosed and known to exist.  The provisions of any state’s law providing substance that releases shall not extend to claims, demands, injuries, or damages which are known or unsuspected to exist at this time, to the person executing such release, are hereby expressly waived. However the Lawyers & Jurists makes no warranty expressed or implied or assumes any legal liability or responsibility for the accuracy, completeness or usefulness of any information, apparatus, product or process disclosed or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product process or service by trade name, trade mark, manufacturer or otherwise, does not necessarily constitute or imply its endorsement, recommendation or favouring by the Lawyers & Jurists. The views and opinions of the authors expressed in the Web site do not necessarily state or reflect those of the Lawyers & Jurists. Above all, if there is any complaint drop by any independent user to the admin for any contents of this site, the Lawyers & Jurists would remove this immediately from its site.