Bank misplaced property documents
I have taken home loan from AXIS BANK in Jan.2016 and repaid in just 13 months.Now bank informed that property papers are misplaced and are not traceable. Bank want to go for recreation of the documents by obtaining certified true copies from SRO. Kindly advise what to do.
the bank can not misplace your property papers as this is there part of negligance. you can sue the bank and an ask for compensation. it the bank headache to provide you the original or recrete new documents for you. but you need to to pay a single ruppee to the bank to recreate your property documents. you should file a case on them and demand compensation for all the problems that you have faced for getting property documents. Thank you
contact me further if you have any query.
This is a typical example of ‘Bailment’- a concept defined under Section 148 of the Indian Contract Act, 1872. It specifically mentions that once the purpose gets finished, the possessor of the documents is obligated to return the documents to the real owner and as it is. However, if the possession holder misplaces the docuements or anything happens to those documents – the holder is supposed to be held responsible absolutely, for the loss incurred by the owner. This act is a clear breach of one’s trust.
Therefore, reporting of such a misconduct by the Bank to the authorities is mandatory to establish your claim over the said documents in future. In order to do so, you need to approach the nearest police station of the area and get an F.I.R. lodged, in the name of the bank and the concerned officials involved. If anything, doing so will make your case stronger. However, the certified true copies that the bank promises to give you, are also considered as good as the originals but originals are originals. Meaning thereby, that the next time you approach another bank to get a second loan over the same property, they might not take into consideration – true copies. They are most likely to ask you about the originals if any.
Whereas a meanwhile remedy can be an Affidavit on the requisite stamp paper be made sign by the bank authorities testifying that “due to our mistake and irresponsibilty, the owner of the property is in abeyance of the original documents (due to no fault of his own) therefore, kindly consider certified copies of property as the original ones.”
Criminal breach of trust
 A ‘bailment’ is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the directions of the person delivering them.
Recreation of documents is a must and ask the bank to pursue the same. In the meantime send a legal notice for damages caused due to the loss.
Original purchase document cannot be recreated. You may obtain a certified copy from the Registrar Office. Best thing is ask the Bank to lodge a police complaint,publish a paper advt and take an indemnity from the Bank saying that they have lost and in case they find it the same shall be returned and they indemnify any loss caused to you for the same.Also take a no dues certificate.
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