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Anonymous

Posted 11 months ago

I recently bought a second hand bike from a person and made all my payments. Later on I came to know that the seller had purchased the bike on emi from a finance company. It is under hypothecation of the finance company. He has also not paid his dues. He just gave me a declaration on a bond paper that it would be my bike and that he would clear the loan payment and transfer the name. What would happen if he dosen't pay the loan? Will the finance company take away my bike or will I be made to clear his dues? If yes then what are the legal proceedings available for recovering my money?
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A. Finance company can sezied the bike any time as the EMI are due and the owner ship of the bike can't be transferred by making a bond .for more details you can contact Adv.S.L.Khan What'saap 9890454223
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