Plot given as security

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neha (Querist)
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10 December 2014 Dear sir/ Madam,

A person(being owner of flat) has given his flat bond papers as security for the amount taken by him. The value of Flat is triple of the amount received. This incident has taken place nearly 15 years ago. Till now Bond papers remained with the creditor's legal heirs(as he expired 3 years ago) & also owner of flat expired 5 years ago.Now is there any chance of recovering the propertyby legal heirs of flat owner?

Please suggest me in this regard.

Thanks in advance.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 December 2014 The legal heirs can repay the loan with interest to the legal heirs of the lender and recover the property.

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neha

neha (Querist)
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10 December 2014 Sir, actually it is given to him as a surety on a note. Rate of interest is not mentioned. Only amount Rs.90000 is mentioned on it.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 December 2014 You have convince the person who is holding the documents. If he refuses to part with the documents no problem as there is no registered document towards security. Get a copy of documents from registration office still your are the owner of the property. With the documents the holder cannot do anything.

neha

neha (Querist)
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10 December 2014 Our problem is i have heard that if anyone is holding the property for more than 9 years, as per law they'll become owner of the property.
Sir, is there any of such chances but we have enquired in registered office.,that property is in the name of Flat owner still now.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 December 2014 As the property is in the name of the flat owner he is the real owner. Holding the property for more than 9 years will not entitle to be owner of the property. Legally registered document only entitle the ownership.

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