Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (XLVI of 2001) Ss. 19(7) & 22 Transfer of Property Act (IV of 1882). S.58(f) Investigation of claim and objection, whether property was mortgaged or not Mortgage by deposit of title deeds Bank claiming to be mortgagee of three properties by deposit of title deeds was having original title deed in respect of one property Original title deeds in respect of other two properties were with appellants claiming to be bona fide purchasers thereof for valuable consideration ¬Contention of Bank was that debtor had submitted to Bank an affidavit alongwith attested copies of title deeds and a power of attorney in respect of other two properties, thus, on their basis mortgage by deposit of title deeds stood created in favour of Bank Validity Such contention was legally not well founded Bank was required to obtain original title deeds Title deeds were not lost as had been stated by debtor to Bank Bank had been defrauded by debtor Bank had to bear the consequences of such fraud and not the appellants, who were bona fide purchasers of two properties for valuable consideration and also holding original title deeds thereof ¬Bank could assert its security rights as mortgagee in respect of only one property High Court accepted appellants' appeal in respect of other two properties by allowing his objection petition to that extent. JUDGMENT JAWWAD S. KHAWAJA, J. The contentions of learned counsel for the appellants have been noted in the order, dated 15 10 2001. The same, therefore, need not be repeated. Today, learned counsel for the respondent Bank has conceded that the respondent Bank is in possession of the original title deed, only in respect of property bearing No. B VII 15 S 2. Mool Raj Bagh, Gujranwala. As for the other two properties, although the Bank claims to be a mortgagee by deposit of…

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