Recovery of personal loan after death
omprakash
(Querist) 21 August 2013
This query is : Resolved
My brother took a personal loan of 20000 in 1997 from coperative bank. and he died in 1998 now bank sent a recovery notice of rs 70000. We are not in condition to pay as loan holder is also not alive. What we can do now....
prabhakar singh
(Expert) 21 August 2013
If your brother has left properties the loan can be realized from his personal properties.
However,if co operative bank is denied the repayment,which none of you are liable to pay,co operative bank can not realize it through any recover suit as loan has gone 'Time Barred'by law of limitation as loan was advanced in year 1997,your brother died in 1998,the right of co operative bank to realise the debt died in year 2000.
Hence have peace.Do not respond to bank's recovery notices.
WAS YOUR BROTHER MEMBER OF ANY CO OPERATIVE SOCIETY?
Rajendra K Goyal
(Expert) 21 August 2013
Well advised by the expert prabhakar singh ji. Nothing more to add.
R.K Nanda
(Expert) 21 August 2013
no more to add.
Raj Kumar Makkad
(Expert) 21 August 2013
You have no liability of any bank loan taken by your brother during his time life as the same has otherwise become barred by limitation. Send the reply to the bank through a lawyer.
