Cluster Legal Manager Interview Questions and Answers

There are two types of mortgages as per the Transfer of Property Act.

• The two types of mortgages are simple mortgage and mortgage by conditional sale.

• In a simple mortgage, the mortgagor (borrower) promises to repay the loan and transfers the property to the mortgagee (lender) as security.

• In a mortgage by conditional sale, the mortgagor sells the property to the mortgagee on the condition that the sale will be void if the mortgagor repays the loan within a certain period.

• In bot...read more

The stamp duty for a registered mortgage and equitable mortgage varies as per the Stamp Act.

• The stamp duty for a registered mortgage is typically a percentage of the loan amount or the market value of the property.

• The stamp duty for an equitable mortgage is usually lower than that of a registered mortgage.

• The exact stamp duty rates for both types of mortgages can vary depending on the state or jurisdiction.

• Stamp duty rates may also differ based on the purpose of the mortgage,...read more

No, we cannot proceed for the terms of Equitable mortgage if the customer has only ROR.

• Equitable mortgage requires the transfer of possession of the property to the lender as security for the loan.

• If the customer only has a Right of Redemption (ROR), it means they have the right to reclaim the property after defaulting on the loan.

• Without the transfer of possession, the terms of Equitable mortgage cannot be fulfilled.

• Alternative options should be explored, such as seeking add...read more

The preliminary documents required for an equitable mortgage include a memorandum of deposit of title deeds, a loan agreement, and a power of attorney.

• Memorandum of deposit of title deeds

• Loan agreement

• Power of attorney

Yes, minor properties can be mortgaged under certain conditions.

• Minor properties can be mortgaged with the consent of the legal guardian or parent.

• The mortgage agreement should be in the best interest of the minor.

• The mortgagee should ensure that the minor's rights and interests are protected.

• The mortgage may require court approval in some jurisdictions.

• The mortgagee may require additional documentation to prove the minor's ownership of the property.

To file a 153 case in SDJM court in Local, you need to follow these steps:

• Prepare a written complaint stating the details of the case

• Attach relevant documents and evidence supporting your case

• Visit the SDJM court and submit the complaint to the court clerk

• Pay the required filing fees

• Obtain a receipt for the filing

• Follow the court's instructions for further proceedings

To collect EMI in NPA cases, legal action can be taken through recovery suits, asset seizure, and negotiation.

• Initiate legal action by filing recovery suits against the borrower in the appropriate court

• Obtain a decree from the court to recover the outstanding amount

• Seize the borrower's assets through court orders to satisfy the debt

• Negotiate with the borrower for a settlement or restructuring of the loan

• Engage debt recovery agents or agencies to assist in the collection proce...read more

Arbitration cases are resolved through a formal process involving the selection of an arbitrator, submission of evidence, and a final decision.

• Arbitration cases are typically initiated by one party filing a request for arbitration.

• The parties involved in the case select an arbitrator or a panel of arbitrators.

• The arbitrator(s) review the evidence and arguments presented by both parties.

• The parties may present witnesses, documents, and other evidence to support their case.

• The ...read more