Advertisement

Court order to get Redemption Sum from bank?

679 Views  ⚫  Asked 1 Year Ago
asked on Feb 23, 2017 at 18:29
by   david
edited on Feb 27, 2017 at 07:41
 
An Execution Creditor initiated and obtained a 'Court Order of Writ of Seizure and Sale', and 'Notice for Direction of Sale' of an immovable property under tender sale by an Auctioneer at Court bilik lelong. And now there is a successful bidder because of Conditions of Sale is sold subject to encumbrances. The Purchaser needs to know how much the Execution Debtor's Redemption Sum, still owe to the bank.

At present, Execution Creditor helps to get the redemption sum from the bank. Bank refuses to provide due to confidentiality of PDA. Can we apply Court Order to have it?
0 had this question
Me Too
0 favorites
Favorite
[ share ]
17 Answers
 1   2   Next »  Last »

answered on Feb 23, 2017 at 18:50
by   Suresh
What did your lawyer say?

Is this an exam question?

The bank has the right as it is pledged to the bank.
0 found this helpful
Helpful

answered on Feb 25, 2017 at 22:59
by   david
edited Feb 27, 2017 at 07:42
 
@Suresh,

Your answer is too brief to understand completely.

Under PDA Section 39(b) (ii), Extent of disclosure of personal data was required or authorized by or under any law or by the order of a court. The bank has no authority to refuse under as above.
0 found this helpful
Helpful

answered on Feb 28, 2017 at 13:42
by   vkpc
The Purchaser needs to know how much the Execution Debtor's Redemption Sum, still owe to the bank.
Wrong. 
The Purchaser does not need to know the debtor's redemption sum to complete the purchase.
The Purchaser already knew the property has encumbrances before he made the bid.
0 found this helpful
Helpful

answered on Mar 2, 2017 at 14:12
by   david
@vkpc

So what your writing in first para. is not actually correct cause the purchaser is the one to settle unknown amount of redemption sum.
0 found this helpful
Helpful

answered on Mar 2, 2017 at 16:04
by   vkpc
purchaser is the one to settle unknown amount of redemption sum.

Wrong again.
Purchaser is to settle the full purchase price, the winning bid.
Bank will settle the balance owed with the previous owner.
0 found this helpful
Helpful

answered on Mar 4, 2017 at 00:24
by   david
@vkpc
Looking at the very beginning as above at Line 6 to Line 7.because of "Conditions of Sale is sold subject to encumbrances"

Your answer at Line 4 to Line 5 is correct, but at Line 6 to Line 7, it is strange cause of why should the bank settle the balance owed with the previous owner ?
0 found this helpful
Helpful

answered on Mar 4, 2017 at 02:09
by   jeff005
why should the bank settle the balance owed with the previous owner ?
The housing loan is with the bank.
0 found this helpful
Helpful

answered on Mar 6, 2017 at 06:49
by   david
@jeff005
Do not forget that the bank has the Charge & Caveat with the property of the Debtor!
0 found this helpful
Helpful

answered on Mar 6, 2017 at 14:42
by   vkpc
Do not forget that the bank has the Charge & Caveat with the property of the Debtor.
Bank will remove the charge on the property after the new buyer has paid full payment, stupid.
0 found this helpful
Helpful

answered on Mar 6, 2017 at 15:19
by   NonAssetdebtor
Is this an exam question?
Yes.. it appears to be..
0 found this helpful
Helpful


 1   2   Next »  Last »

Your Answer





By posting your answer, you agree to the privacy policy, cookie policy and terms of service.