Inventory proceeding - Owelty Money
Dear Sir,
I am owner of ancestral property in Goa thru auction from an inventory proceeding done by my sister in the year 2000. I want to sell the property, but before i sell the property it seems that I have/had to pay owelty money to my brother. i have not deposited the money in court.
To my knowledge I will have to deposit 8% simple interest on the amount for 13 years according to The Goa Succession, Special Notaries and Inventory Proceeding Bill, 2008.
There is a new 2012 bill, but not sure where to find it. Can you help me get it?
01 Question: Is the Interest 8% or 6% of the amount and is it simple or compound interest?
02 Question: What is the procedure to deposit the owelty money in court?
03 Question: Will the judge allow me to deposit the money in court in the following conditions?
I do not have my brother full postal address since he is overseas and nor is his address mentioned in the proceedings. Also my sister had done the inventory proceedings thru a common lawyer for my brother and myself. So we dont have full knowledge of the proceedings and we now dont share the best of relationships with each other.
According to me, since I am willing to deposit the owelty money along with interest for the number of years, the court should not have any problem even if I dont have the full address. So eventually the money will stay in court until my brother comes to recover his share which is the owelty money that I owe him along with the interst for the 13 years.
Do let me know if this is right and can this be done.
Thank you.
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