About loan
ashutosh
(Querist) 28 November 2013
This query is : Resolved
My father was living separate and also divorce case was running before his death. my mother was taking compensation from court for survival. before death loan taken by him from bank but after his death bank pressurised for recovery and also by local govt. office. before any decision by court he was passed away.
how can we responsible for loan during taken divorce case ??
please give suggestion...
malipeddi jaggarao
(Expert) 29 November 2013
What is the link between the divorce case and the loan.
If your father has taken the loan by giving any securities (paper security/immovable property) the bank has its charge over property and the legal heirs rights are subject to such charge. If your father has not given any such security, the Bank will try to obtain fresh set of loan documents from the legal heirs. Legal Heirs can as well refuse to sign such documents if they do not wish to take-up the liability of the deceased when no properties are charged to the bank.
ashutosh
(Querist) 29 November 2013
No securities paper given of any property by him and it was taken by his salary slip as per bank.
Rajendra K Goyal
(Expert) 29 November 2013
Properties left by the deceased is charged for the liability. The terminal benefits of the deceased may be charged since he was employed.
malipeddi jaggarao
(Expert) 30 November 2013
If no paper security or immovable properties are charged, since there was a divorce case, there is no need to take any responsibility for the bank loan of the deceased husband. It is for you to decide either to take moral responsibility to clear the debts of your deceased father. If both of do not wish to clear his liabilities, you simply refuse to sign any papers required by bank. If you sign any paper knowingly or unknowingly, bank will create fresh liability in the names of legal heirs. Bank cannot do anything if you do not sign the revival documents. They will pressurize you and your mother as it is their duty to recover the money to lent. But legally they cannot take any action either in the court or other means.
However, bank has right to attach the terminal benefits of your deceased father if not already taken by the legal heirs.
