Sir if the pledge is not cleared either the person to whom pledge was made has to sign a confirmation clearing same to clear the title or a suit before civil suit based in signature and thumb impression to declare the title has to be filed cancelling the pledge.
Selling a land
I see a land was pledged to a individual person for loan and the same was registered. But it was not cleared after paying. Just signature and thumb impression made in the back of registration document all these happened some 45years back. Later document was sold and transferred between 3 hands. My doubt here is missed to clear the pledge is an issue? If yes, by chance the signed person is not alive or not foundable how to resolve this? Regards, Lingam
Asked 7 years ago in Property Law
Religion: Hindu
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6 Answers
Whether t he signature and thumb impression on back of registered document records the repayment of loan .?
if so it would not be an issue
It would be better for you to take proper legal guidelines by showing complete files of your case to an advocate so that you can take a right path to handle your issues. Vague answers will not give you the exact relief .
No one can now legally claim under the mortgage which was discharged 45 years ago. Non-registration of the dischage deed was only a genuine omission. There is no legal impedimet at all now.
issue a public notice inviting objections from public against sale of the land
if no objection is received within the notice period stated in public notice then you can proceed to purchase the land
also the lender has to take steps to recover his loan from the borrower within 3 years of the loan becoming due and payable by the borrower. If that time has lapsed then the lender cannot make any claim
The average loan term is 30 years. Yes, lower terms bring down the actual “average”, but the 30 year fixed rate is, by far, the most common mortgage product out there. Even ARM loans are usually based on 30 year terms.
Thus it wont be effective beyond 30 years, however you may also obtain an order of injunction from the court of law in this regard.
