Accident Liability in Case of Hypothecated Vehicle
I had purchased a vehicle under hypothecation from ICICI bank. The vehicle was repossessed by the bank and it was later sold by the bank to a third party.
A few days ago I was informed that the vehicle was involved in a fatal accident and I have been named as the owner as it seems that the bank authorities did not carry out the proper ownership transfer paperwork when reselling the vehicle.
Do I have a liability in this case?
Asked in Civil Law from New Delhi, Delhi
Yes, you are liable unless you can prove the fact of bank's taking possession of the vehicle and sale of same, before the accident.