Can bank auction agricultural land

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In case the agriculture land was mortgaged then only it can be auctioned otherwise the agriculture land cannot be auctioned by the bank. Further you can talk to bank and make an settlement agreement and can seek time for payment of the loan amount. Shubham Jhajharia Advocate, Ahmedabad 25518 Answers 167 Consultations 5.0 on 5.0

Agriculture land cannot be proceeded for recovery of loan. In case the agriculture land was mortgaged then only it can be auctioned otherwise the agriculture land cannot be auctioned by the bank. Further you can talk to bank and make an settlement agreement and can seek time for payment of the loan amount.

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Answer

How to sell agricultural land mortgaged by a bank?

In case the agriculture land was mortgaged then only it can be auctioned otherwise the agriculture land cannot be auctioned by the bank. Further you can talk to bank and make an settlement agreement and can seek time for payment of the loan amount.

Can a commercial bank give a loan on agriculture property?

Unless the property is converted for non-agriculture purpose, no commercial bank can give loan for commercial purpose on the security of agriculture property (even if it is offered as registered mortgage); 2.

Can a surety company make an auction of the land?

Firslty, if you have taken loan on the surety of some land irrespective of its nature then you are liable to pay back to save that land. Secondly, yes they can make an auction of the same to recover their amount, and they are also liable to pay back the rest after deducting their loan amount plus interest if any amount is left.

Can agricultural land be used as collateral for a loan?

A collateral security can be in the form of agricultural lands also. However action under Securitisation Act (SARFASI) is not available to Bank like other residential or commercial properties. Banks accept agricultural as collateral security for all loans.

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Can agricultural land be mortgaged in India?

Normally, no agricultural land can be mortgaged for raising loan for other than agricultural activities. This is of course, state specific and you have to check if in your state this condition is applicable or not.


Can agricultural land be mortgaged in Gujarat?

A charge or mortgage, on any land or interest therein may be created by an agriculturist under section 3, notwithstanding anything to the contrary contained in the Co-operative Societies Act, and notwithstanding that such land or interest therein, stands already charged or mortgaged to co-operative society provided …


Can agricultural land be mortgaged in West Bengal?

The mortgage of land for the project had raised eyebrows in banking circles as mortgage of agricultural land for non-agricultural purposes is not permitted in West Bengal.


Can agricultural land be attached?

The Executing Court observed that there is no provision in the CPC, which puts bar against attachment and sale of agriculture land. Special provisions for sale of agriculture produce has been given in Order 21 Rules 74 & 75 CPC.


What is Warkas land explain with case law?

Evidently the word “warkas” was originally applied to that land in the neighbourhood of rice lands from which … waste lands to the original grantee. The right to take rab from these lands for manuring rice lands confer. Bombay High Court. Jamshedji Ardeshir Wadia vs The Secretary Of State For India on 24 August, 1925.


What is Rayati land in West Bengal?

A person(belonging to scheduled caste) received an agricultural land from Government of W.B. under section 49 West Bengal Land reforms Act in the year of 1974. This agricultural land perhaps were acquired from another person (“RAYAT”) under land ceiling act in the past .


What is a guarantor after signing a guarantee?

1. Guarantor, after signing the agreement for guarantee, steps in to the shoes of the Borrower, 2. However, the amount to be paid by the guarantor is limited to the amount mentioned by him in the agreement for guarantee only with interest accrued thereupon.


Can agriculter land be attached to commercial loan?

The agriculter land cannot be attached in Sarfesi act under section 31 of the act since there is no agriculture loan on the agriculture land it cannot be attached to recover any commercial loan.


Can you give agricultural land as collateral?

Do you want to say that whether the agriculture property can be given as collateral security for bank loan, yes it can be given. A collateral security can be in the form of agricultural lands also. However action under Securitisation Act (SARFASI) is not available to Bank like other residential or commercial properties.


Can a bank take agricultural land as a mortgage?

1. The Bank can take the agricultural land as mortgaged security while providing loan.


Can you mortgage land for agriculture?

Normally, no agricultural land can be mortgaged for raising loan for other than agricultural activities. This is of course, state specific and you have to check if in your state this condition is applicable or not.


Can you sell agricultural land?

In case the banks are ready to accept your agricultural land as security , you are not permitted to sell off any part of it till your liability is cleared. However, bank may permit you to do so, provided the sale proceeds are either fully or proportionately directly credited to the loan account. At no point banks will agree for a dilution of security.


Can security interest in agricultural land be enforced?

2)the security interest in agricultural land cannot be enforced inasmuch as the same is exempted under the provisions of Section 31 (i),

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