Sale of mortgage property
Sale of mortgage property legal meaning, translation and judicial precedents.
Meaning & Judicial Interpretation: (اردو مفہوم اور قانونی تشریح)
When sale is being carried out by court in respect of a mortgaged property under O. XXXIV, C.P.C., there is no concept of any priority of government dues to be paid out of sale proceeds.
Borrower is required in terms of S.15(12) of Financial Institutions (Recovery of Finances) Ordinance, 2001, to show a positive evidence that all amounts secured by mortgaged property have been paid.
Assumption of power under S.15(4) of Financial Institutions (Recovery of Finances) Ordinance, 2001, is of such nature that it takes away certain valuable rights of borrower/mortgagor and hence compliance of provisions of S.15(2) of Financial Institutions (Recovery of Finances) Ordinance, 2001, becomes mandatory.
"Sale of mortgage property", Pakistan Law Portal, available at: https://paklawportal.com/words-terms-maxims/124942524
Precedents & Case Laws citing "Sale of mortgage property"
2024 C L D 626
NAVEED KHALID BUTT and another — Appellants Versus The BANK OF PUNJAB and others — Respondents
Court: LahoreP L D 1976 Karachi 414
AUSTRALASIA BANK LTD.‑Plaintiff/Decree‑Holder Versus MESSRS JUMA KHAN AGHA JAVED CORPORATION AND OTHERS‑Defendants/Judgment‑Debtors
Court: High Court2016 C L D 2323
AZIZ-UL-HASSAN — Petitioner Versus Messrs DUBAI ISLAMIC BANK LTD. and 2 others — Respondents
Court: SindhP L D 2014 Supreme Court 283
NATIONAL BANK OF PAKISTAN and 117 others — Appellants Versus SAF TEXTILE MILLS LTD. and another — Respondents
Court: Supreme Court of Pakistan2004 C L D 284
HABIB BANK LIMITED‑‑‑Petitioner Versus Messrs CHANLITTY (P.V.T.)‑‑‑Respondent
Court: Lahore2002 C L D 362
Mst. ZAMURAD AFZA‑‑‑Appellant Versus NATIONAL BANK OF PAKISTAN through President and 2 others‑‑‑Respondents
Court: Lahore2025 C L D 615
BASHIR AHMAD BHATTI and another — Appellants Versus ALBARAKA BANK PAKISTAN LTD. and 4 others — Respondents
Court: Lahore (Rawalpindi Bench)2015 C L D 938
EHSAN ULLAH QURESHI — Appellant Versus UNITED BANK LIMITED through Manager — Respondent
Court: Islamabad2005 C L D 1638
MUHAMMAD SHARIF and 6 others — Appellants Versus Sheikh RAB NAWAZ and 3 others — Respondents
Court: Lahore2004 C L D 1452
Messrs UNICOM ENTERPRISES — Petitioner Versus BANKING COURT No.5, CITY COURT BUILDING, KARACHI and 2 others — Respondents
Court: Karachi