Bank recovery

Querist : Anonymous (Querist) 26 January 2011 This query is : Resolved
My sibling and I are the partners of a small scale firm. The bank has given us the final notice to close the loan. Since I am the partner, in case of any recovery issues arising, will they acquire the property that's in my husband's name (we haven't pledged this or mentioned this for the bank transaction / business) too?

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Devajyoti Barman (Expert) 26 January 2011
If the property is in the name of your husband then the bank can not lay claim on it.

malipeddi jaggarao (Expert) 27 January 2011
Mr.Devajyoti Barman is correct. But if your husband guaranteed this loan, then it is possible. Even the properties are not given as mortgage, only third party guarantee is given, then also he runs the risk through legal process. If he is not a guarantor, as Mr.Barman rightly advised, bank can not lay any claim on them.

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