Page 248 - A Banker Down the Rabbit Hole

I got issued the certified photo copy of the original title deed from the
office of the Sub- Registrar of Assurances and kept with that letter hoping
to receive the original deed any time shortly. But as long as I was in India
for 3 more months, they could not trace and I lost hope to retrieve it.

When I had to dispose of the same house, every buyer was skeptical of
my losing the original title deeds. Finally, I could convince one buyer that
if I lose the title deed in reality, I do not lose my title to the property;
the solution is getting a certified copy. I had a letter from the branch that
the loan had been adjusted and they have misplaced it. He went to the
branch, made enquiries and confirmed the position. I also gave an
affidavit that I had not given the original title deeds as a security for loan
with any bank or financial institution. Depositing the original title deeds
of a property with a bank with an intention to create security for a loan
was legally known as an Equitable Mortgage. The Equitable Mortgage is
as good as the Registered or Legal Mortgage and banks go for this most
of the time because it is quick and inexpensive.

The same time, I got scared with the position at my branch. I was holding
both the keys of the safe containing about 2000 original loan documents,
many original title deeds under Equitable Mortgage and more than
50,000 pieces of bonds and debentures purchased at my center by the
Head Office from companies having their registered office there as
investment in Government Securities and non SLR securities. Actually, the
safe custody of loan documents and investment bonds should be under
jointly custody of 2 officers. Since my joining over 3 years back, the issue
was unresolved as other Managers had refused to hold the second key
even before I joined and this issue remained unresolved for all these
years.

But I used to send some of my Managers to take out and keep the loan
documents in the safe downstairs in strong room as I had no other
alternative but to trust them and save some more time to attend to credit
appraisal work. The Managers were of the view that safe keys should be

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