Law:

Section:

Financial Institutions (Recovery of Finances) Ordinance (LXVI of 2001) S. 19 Civil Procedure Code (V of 1908), O.XXI, R.58 ¬Transfer of Property Act (IV of 1882), Ss.41 & 52 Execution of decree Equitable mortgage Doctrine of lis pendens ¬Applicability Sale of mortgaged property during pendency of suit filed by bank Appellant filed objection during execution proceedings, on the ground that the mortgaged property was sold to him by the owner and protection of S.41, Transfer of Property Act, 1882, was available to him ¬Validity Equitable mortgage was created by deposit of title deeds with the bank Appellant purchased the property on 7 3 1995, when the suit was pending adjudication in a competent Court of law Sale in favour of appellant was hit by doctrine of lis pendens as contained in S.52 of Transfer of Property Act, 1882 Appellant failed to make out a case of his being bona fide purchaser, therefore, he could not seek protection of S.41 of Transfer of Property Act, 1882 ¬Appellant had to be vigilant and was obliged to take full care and caution to ascertain the transferor's power No indication was found on the record that the appellant required his transferor to produce the original title deed for his inspection Even .otherwise the transfer made in favour of the appellant during the pendency of the suit was hit by principle of lis pendens Appellant was not entitled to the protection under S.41 of Transfer of Property Act, 1882 ¬Appeal was dismissed in circumstances. ORDER This F.A.O. arises out of an objection petition filed under Order XXI, rule 58 of C.P.C. before the Executing Court which was dismissed by order dated 12 4 2003. 2. Precisely, respondent No.2 obtained a decree against respondent No.3 for a sum of Rs.7,56,000 from the learned Judge, Banking Court, Lahore on 15 5 1999. In execution of the decree, land bearing Khasra No.558/2 situated at Mauza Dera Basti Ram, Lahore was attached. On 22 52003, the learned Executing Court passed an order for the sale of the land through Court Auctioneer. 3. The appellant claiming to be bona fide purchaser of a portion of land subject matter of the attachment, filed an objection petition under Order XXI, rule…

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