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State Bank of India v Sood [1997]

Facts

  • The defendants mortgaged their property to secure both present and future business debts as they should arise
  • The defendants (Sood) defaulted on their mortgage payments
  • The bank (mortgagee) sought repossession

Issue

  • Were other claimants’ equitable (family) interests in the property overreached, despite the fact that money had not been paid under the conveyance of repossession?

Decision

  • Yes

Reasoning

  • Overreaching will take place irrespective of the payment of capital monies under a conveyance
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