Issue a legal notice to him for recovering the amount and then file a suit for recovering the amount. Find out whether he has any property if so attach it .Call to them and ask how they got your number.

You can not keep this car as the bank is the first borrower and it has lien on the car before you.

If bank sells this car and after deducting its dues something is left , you can get your money from it.

Another option is to sell this car right now so you get some of your money back. Once bank reaches this car, you will have no option.

1. You have no legal stand as regards the said vehicle is concerned,

2. Hypothecated vehicle can not be pledged before the said rehypothecation is released,

3.You have a promissory note which states that he promises to pay you. It does not entitle you to retain the vehicle which has been a property of the Bank being hypothecated with it,

4. Trace out your friend to recover your loaned amount from him.

1) car is hypothecated to the bank . in case of failure of the borrower to make payment the bank can auction the car and recover its dues .

2) since the car is over 7 years old bank will hardly recover any amount from sale of the car .

3) you have no rights on said car . only if amount recovered by bank from sale of car is more than loan amount can you claim the surplus amount .

4) since promissory note is issued 3 years back even if you take legal proceedings to recover the amount mentioned in promissory note your claim would be barred by limitation .

Hi, when the car has been hypothication then you have no right to claim the car as the bank is the owner of the car and secondly you have a promissory note if the date has been filed you have to issue the legal notice for the recovery of money provided you have to file a suit with in 3 years from the date of the instrument.

sell the car before bank find out it and get whatever money you get after selling it.

Hello,

As the car has been hypothecated to the Bank, the bank has first lien on it and hence you can not stake claim on the car.Your claim is only secondary as your lien is secondary.

If the promissory note is less than 3 years old you can proceed with recovery proceedings against your debtor.

Try to trace the person as you will need to furnish his address to serve summons on him as otherwise your exercise will prove futile.

A. The bank has created a first charge over the movable property i.e Car. Hence, you are entitled to receive the amount after obtaining dues from the bank.

B. You have no authority or right to keep the custody of the vehicle when the first preferential right was exist over the Car.

C. You can file the suit against him by presenting the promissory note before the court of law.

When one property has been mortgaged two times then previous mortgagor has better right over the property against the subsequent mortgagor. So the bank has better right over the car then you. You can claim surplus amount after complete satisfaction of the bank if mortgaged property has auctioned.

You have inferior right and it is superseded by the bank. Your right is time barred but that property is in your possession then you can easily condone limitation period.

1. Since the vehicle is under hypothecation to the bank you have no rights on it. Bank has created a charge on the car, in view whereof it has the right to auction the car to recover its dues from the owner. As a corollary thereto, the right which accrued to you from the promissory note executed by the debtor in your favour, is eclipsed by the right of the bank.

2. If after appropriating the auction money towards realisation of its dues, any surplus is left, you will be entitled to it.

since said car is hypothecated in the bank you have no right to retain it with you.and execution of promissory note can be against debtor.with the consent and negotiations with bank vehicle can be sold out in legal procedure and compensate bank debt .