Framework of hypothecation as per indian law
This query is : Resolved
28 June 2016
Can a vehicle be hypothecated to an individual?
If yes, under what conditions/framework is it possible?
Any cue in this aspect is highly appreciated.
Thanks,
Kamalesh
If yes, under what conditions/framework is it possible?
Any cue in this aspect is highly appreciated.
Thanks,
Kamalesh
Sachidanand Singh
(Expert)
28 June 2016
YES. Easiest would be to get a vehicle or vessel hypothecation agreement of a bank and amend it suitably. Find out the applicable stamp duty for your state.
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28 June 2016
Thanks a lot for your quick revert Sachidanand Singh!
Is there any particular clause that elaborates the T&C of such Hypothecation?
Is there any particular clause that elaborates the T&C of such Hypothecation?
Sachidanand Singh
(Expert)
28 June 2016
Thats an unclear question for me, pl go through a deed and select the clause you wish to retain. By the way the hypothecatee does not get a right to sell the vehiclr without court order, though he can repossess it without court order.
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