Can Lender Take Possession Of Scooter In Case Of Loan Default?

My sister took a loan from her friend of Rs 60000. She paid Rs. 20000 and is yet to give Rs. 40000. The agreement date was till December 2019. Now my sister is living in Kerala and I am in Mumbai. She left her scooter with me and I am paying the loan... Read More

My sister took a loan from her friend of Rs 60000. She paid Rs. 20000 and is yet to give Rs. 40000. The agreement date was till December 2019. Now my sister is living in Kerala and I am in Mumbai. She left her scooter with me and I am paying the loan. Now the lender is calling us and threatening us saying that she will take the scooter as my sister is not paying money. Is it possible?
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Answer (1)

Sakshi Yadav

Sakshi Yadav

  • Sector-1, Noida

If there is a proper agreement between the lender and your sister then yes, he can take a scooter from you. As you know if any security has been kept against the load then the lender has full right to use the security to recover the amount.

Answered on 29 Mar 2020


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