Sometimes people are forced to give up their property, and the bank takes control of it because they cannot repay the debt they have taken out of the bank. The owner may refuse to leave the property, in which case the bank may physically evict him and provide the property rights to a new buyer. This is the basic symbolic possession meaning.
What is Symbolic Possession?
In India, the legal notion of symbolic possession describes the taking of property without actually possessing it. Instead, in order to prove control over the property, some requirements are fulfilled. This is frequently employed when actual possession is impractical or when dealing with huge land areas.
For example, under the SARFAESI Act, banks can take symbolic possession of a secured asset by affixing a possession notice on the property and documenting the process with photographs and witnesses. This serves as a legal declaration of possession, putting the debtor under pressure to settle outstanding dues.
I hope you understand about the symbolic possession.
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Symbolic possession is when the bank has the legal right over a property, even though the previous owner continues to have physical possession (occupancy) in the property
. Under the law, banks are required to take physical possession and then transfer the rights to the buyer.
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What is Meant by Symbolic Possession?
Neeraj
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2023-05-14T20:52:52+00:00 2025-03-26T09:01:23+00:00Comment
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