Framework of hypothecation as per indian law

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Kamalesh (Querist)
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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

Sachidanand Singh

Sachidanand Singh (Expert)
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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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Kamalesh

Kamalesh (Querist)
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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?

Sachidanand Singh

Sachidanand Singh (Expert)
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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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Kamalesh

Kamalesh (Querist)
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28 June 2016 Thanks for the clarification Sachidanand Singh

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