BHAJANLAL H RAHEJA Vs. P NATARAJAN DIED

JUDGEMENT

(1.) The plaintiff in a suit for recovery of money on a mortgage is the appellant herein.

(2.) This appeal suit has arisen from the judgment of the learned II Additional Subordinate Judge dismissing the suit filed by the appellant/plaintiff.

(3.) The case of the appellant/plaintiff is as follows: The defendant for the purpose of his medicinal oil business approached the plaintiff for financial assistance and handed over his documents of title deeds on 30.6.1982 for the purpose of security. Apart from that, the defendant executed a promissory note on 1.7.1982 for Rs.15,000/-. On that day evening, he also executed a memorandum of deposit of title deeds confirming the documents already handed over on 30.6.1982 to the plaintiff. The defendant also produced two encumbrance certificates that day. The defendant executed another promissory note for Rs.15,000/- on 8.7.1982. The agreed rate of interest under two promissory notes is 3% per month. Thus, the defendant has created an equitable mortgage over his house property at Coimbatore. The defendant is liable to pay Rs.70,395/-. Despite demands, the defendant did not pay the amount. A notice was issued to him on 2.1.1984. Again the same notice was sent on 7.3.1986. The defendant sent a reply on 15.3.1986, but has not repaid the amount. Hence, this suit.