banking law
Sandeep Jani
(Querist) 10 July 2009
This query is : Resolved
dear sir(s), my question is as follows...
i am working in a bank and we gave a loan to mr. A. and mr. B was a guarantor for mr. A. now mr. A is not repaying the loan. so it was decided to recover the dues out of the property of mr. B who was a guarantor....now the situation is that mr. B has formed a hindu undivided family and now the property of mr. B is belonging to that H.U.F.....my question is that can we sale this property now and recover our leagal dues?
A V Vishal
(Expert) 10 July 2009
Dear Sandeep
You need to prove that the HUF is a sham to transfer the property to escape the liability of the loan, however, suggest you to issue a legal notice to the guarantor to repay the loan, further action can only be initiated on the developments.
RAJENDRAN K.M. 09443050520
(Expert) 11 July 2009
Sir, u can't sale the HUF property,next u can prove what steps taken against recover loan amount from A?
Sandeep Jani
(Querist) 12 July 2009
thank you all for quick response.
J K Agrawal
(Expert) 13 July 2009
Ld friends.
HUF can not be formed under any law. It exists as per provisions of Hindu Succession Act and NEVER CAN BE FORMED. All the documents forming HUF is null and void. HUF is only body of persons who represents a corparcenery property. as soon as the property is devided the HUF breaks but at the same time new HUF automatically comes in existance. That new HUF represents share of devided coparcenary. If after dividation the persons agan joins each other it does not make good the broken HUF. So re united persons are called 'joint tenant' whereas the same persons before actual partition of coparcenery property were known as 'common tenants'
Please take advise from a good civil lawyer.
