Loan repayment for deceased
Mohit
(Querist) 09 November 2014
This query is : Resolved
Dear Sir,
A person died in DEC 2011.
He had taken a loan for business from the bank in year 2000 and his family did not know about that till date.
Do his wife and children have to repay his loan?
The man does not have any inherited property and his wife is a working lady so the house and funds are all generated by her.
Does the bank has any legal right to touch the personal property of the legal heirs?
What should be done in this case?
Devajyoti Barman
(Expert) 09 November 2014
What is the nature of the loan , secured or unsecured?
If it was unsecured means no property was mortgaged to get this loan then his legal heirs are not liable for repayment.
V R SHROFF
(Expert) 09 November 2014
Is it not "TIME BARRED"
IF SO, NO LIABILITY.
IF PROPERTY MORTGAGED, it can be recovered selling it.
Mohit
(Querist) 09 November 2014
Thank you for replying Sir.
The nature of loan is not known.
The deceased does not have any inherited property so does the nature of loam matter in this case?
His Legal Heirs are also self depend and do not own any inherited property.
In this case what should be the answer to the bank if they issue a decree?
Guest
(Expert) 09 November 2014
They Can not claim any thing from any one Unless they had signed any Surety or Guarantee.Just ignore them and do not Communicate any thing in Writing Please.If any harassment complain to police as disturbance from a Stranger.Keep in touch with a Local Good Advocate for Protection if required.
Devajyoti Barman
(Expert) 09 November 2014
Decree can not be issued unless the party concerned is served with notice of it.
Till then rela.
Mohit
(Querist) 09 November 2014
Thank you respected Lawyers. I will keep in touch with you when more info is gathered.
What is a decree? and in what circumstances in is issued. If the heirs do not reply to the notice, then a decree is issued? What if the heirs do not accept the decree?
Devajyoti Barman
(Expert) 09 November 2014
You Are advised enough.
To gather academic knowledge meet a local lawyer.
Guest
(Expert) 09 November 2014
Agreed with Mr.Devajyoti Barman.
Mohit
(Querist) 09 November 2014
Okay, I will stick to your advise Sir.
So to conclude,the bank can claim their loan only when the person has signed any surety or gurantee.
In case there is no surety or gurantee then the heirs do not owe any liability to pay the loan.
Rest can be adjudged by local lawyer.
Guest
(Expert) 09 November 2014
Fine and All the Best.Rest can be adjudged by Local and also Good ,Competent Lawyer.
Rajendra K Goyal
(Expert) 09 November 2014
The loan is time barred, bank can not claim.
Sudhir Kumar, Advocate
(Expert) 10 November 2014
Not able to agree.
Time bar of loan will start from the date of default and not date of loan.
please be clear of the dates.
Mohit
(Querist) 10 November 2014
What is time barred loan?
loan was taken in 2000
Sudhir Kumar, Advocate
(Expert) 10 November 2014
when did the default start?
when has the liability been last acknowledged by the successors.
Mohit
(Querist) 10 November 2014
Sir, Successors did not know about the loan at all,till they received a notice from the bank/court 2 days ago asking for the repayment from them.
No liability has been accepted for this 14 year old loan.
Moreover, the successors cannot take the liability since they did not inherit a single pin from the deceased as the deceased did not have any property personal or ancestoral.
Guest
(Expert) 10 November 2014
Bank Notice was addressed to whose name.Consult a Local Good Advocate with all details Please.
Mohit
(Querist) 10 November 2014
Bank notice was addressed to all heirs. They are in talks with a lawyer
Guest
(Expert) 10 November 2014
If None of the Legal Heirs had not signed as Surety or Guarantee nothing to worry.Give a Proper reply with the help of advocate.Could you tell whether is Private or Nationalised Bank just for my information.
Mohit
(Querist) 10 November 2014
This is a Nationalised Bank Sir.
In 2000 all the children were minors and wife is self dependent and has not signed any surety.
I believe the bank has the right to claim the property of the deceased only (if any) and they can't touch the personal property,salary of the heirs since they did not sign any gurantee or surety. Just because of the blood relation bank cannot ask for claim.
Guest
(Expert) 10 November 2014
Yes You are perfect do not give any thing in writing.Consult a Local Good Advocate and be Protected.
Kumar Doab
(Expert) 10 November 2014
The son, wife are not liable to pay debt of father/husband.
The experts have fully advised.
