Law: Transfer of Property Act (IV of 1882)

Section: 58 , 54

  Transfer of Property Act (IV of 1882)--- ----Ss. 58 & 54---Mortgage of immovable property was created by deposit of title deeds, executed 'as surety against loan---Subsequent sale of property in question---Effect---Mortgage of immovable property being a charge against property, would go with the same even if property in question, was alienated-- Creditor (Bank), therefore, would not suffer any financial loss inasmuch as property under mortgage would be liable to be proceeded against for the satisfaction of decree which had been or would be passed in favour of creditor. Banking Tribunals Ordinance (LVIII of 1984)--- ----S. 7---Criminal Procedure Code (V of 1898), S. 265-K---Petitioner being surety of loan secured by her husband was summoned as accused person by Banking Tribunal---Liability of petitioner---Extent---Provision of S. 7, Banking Tribunals Ordinance, 1984, whereunder petitioner had been summoned as an accused person, would apply to a loanee alone and not to surety---Surety, therefore, could not be prosecuted under S. 7, Banking Tribunals Ordinance, 1984---Complaint against petitioner was not lodged by authorized person but by a person authorized by a delegated person---Order of dismissal of application under S. 265-K, Criminal Procedure Code, 1898 (seeking acquittal of petitioner) was illegal and without lawful authority---Quashing of   proceedings and acquittal of petitioner was directed in circumstances. Kh. Anwar Mubeen Anwari assisted by Rao Munawar Khan for Appellant. Kh. Muhammad Farooq for Respondent No.1. Ch. Ijaz Ahmad, Asstt. A.-G. Punjab for the State . Date of hearing: 22nd November, 1994. JUDGMENT CH. MUSHTAQ AHMAD KHAN, J.---Property No. 11/15-A, off Shami Raod, Lahore Cantt. was owned and possessed by Mrs. Tahmina Bashir wife of Bashir Ahmad, who is the petitioner before this Court. National Bank of Pakistan, Sunny View Branch, Lahore sanctioned a cash finance limit of Rs.1.200 million and L/C facility of Rs.2.000 million in the name of M/s Paradise Trading Company, owned by Bashir Ahmad husband of the petitioner, which facility was availed of by him, repayment whereof was guaranteed by the petitioner by creation of…