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Mortgages.......

This query is : Resolved 
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(Querist)
14 June 2008 can 1 property be mortgaged with more than 1 banks ?
Can colletarel security be mortgaged with other bank if it was already mortgaged with one of the banks ?
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Vinod Kashyap

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Vinod Kashyap (Expert)
14 June 2008 No, a property can be mortgaged with one bank only. However, a charge can be created in favour of more than one banks.
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