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Banking Companies (Recovery of Loans, Advances, Credits and Finances) Act (XV of 1997) S. 18 Civil Procedure Code (V of 1908), O.XXI, R.60 ¬Execution of decree Objection Charge over mortgaged property Principles Transfer of mortgaged property Bona fide purchasers, plea of Objectors had purchased vide registered sale deed, the properties mortgaged with the bank Plea raised by the objectors was that they were the bona fide purchasers of the mortgaged property Banking Court allowed the objection and released the properties from attachment Validity Once the property was mortgaged, even though, it could be transferred, but such alienation was subject to the charge of mortgage Persons purchasing mortgaged property, could not take the "equitable rule" by avoiding the charge and claiming the transfer to be free from encumbrance Properties in question which were equitably mortgaged, were purchased by the objectors much thereafter Objectors could not frustrate and defeat the mortgage rights of the bank on the ground of being "Bona fide Purchasers" Title documents were not with the sellers ( debtors), which fact was sufficient to hold that, the objectors had bought the properties subject to the risk of mortgage Order passed by Executing Court was set aside and the Court below was directed to execute the decree against the mortgaged properties Appeal was allowed accordingly. Mst. Nasiban Bibi v. The Australasia Bank, Lahore 11970 SCMR 657; Mrs. Tehmina Bashir v. Abdul Rauf and another 1995 CLC 973; Tarachand Mondal and others v. Hazari Shaikh and another PLD 1967 Dacca 203; Shukri and 3 others v. Ch. Muhammad Shafi Zaffar and 2 others PLD 1975 Lah. 619 and Habib Bank Limited v. Ajma Corporation 2000 CLC 1425 rel. Rehman Shah v. Muhammad Shah and others 1974 SCMR 255 distinguished. JUDGMENT MIAN SAQIB NISAR, J. Briefly stated the facts of the case are that, the appellant Bank brought a suit, for recovery against respondent No.1 for an amount of Rs.12,48,767 and claimed in the suit that, the respondent has also equitably mortgaged property with the plaintiff-Bank through deposit of title documents. The suit in favour of the plaintiff Bank was decreed on 3 8 1999 for an…

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