Regarding primary security in term loan
This query is : Resolved
Ashish Trehan
(Querist)
16 May 2016
I am taking a term loan from bank. The plant is situated on a leased land. The banker is asking to take charge for the leased land citing reason that the machine and land are inseparable. So as machine is the primary security and the land and machine are inseparable that is why they want to take the charge of the leased land. But I am not sure whether this a valid argument. Please help me on this issue.
CA Mithil Munot
(Expert)
17 May 2016
The leased land will also be charged with machine. There will be Tri-partie agreement between you bank and lessor.
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