Demise of guaranteer
Ashraf Ali khan
(Querist) 26 August 2015
This query is : Resolved
A person breeks loan from bank & has nothing to pledge except personal guarantee. After his demise he has nothing to clear the loan as he has no assets. The children have not inherited anything but the court insists you have to clear the loan. Is it justifiable & if so how to defend this order. Please help
Kumar Doab
(Expert) 26 August 2015
Who has died: Borrower or Guarantor?
The query is not clear!
The debt can be cleared from estate of borrower/guarantor.
Rajendra K Goyal
(Expert) 26 August 2015
The borrower or the guarantor whoever survived is liable for the payment of the loan outstanding.
M/s. Y-not legal services
(Expert) 26 August 2015
i think the borrower is no more.??
am i right? if it is so, the court's direction is right only., the legal heirs are responsible to the existing loan which was borrowed by his father..
Sudhir Kumar, Advocate
(Expert) 27 August 2015
let the querist clarify the facts on the question raised by Mr Kumar DOab and let us not assume facts.
No useful reply can be given in the absence of facts sought by Mr Kumar Doab.
Ashraf Ali khan
(Querist) 27 August 2015
the borrower & the guarantor have passed away. The guarantor 's children have not inherited anything from him as he has nothing , but the borrower's off spring has some assets. How do the guarantor's children responsible for this. Plz clarify
Kumar Doab
(Expert) 27 August 2015
The assets may be informed to the bank in writing and under proper acknowledgment and let the bank proceed to recover.
Ashraf Ali khan
(Querist) 28 August 2015
Sir, the guaranteer has no assets & children have not inherited anything through him. Now there is execution petition against them & how do they counter this. They don't have any property inherited through father & nothing also on their name. Please help.
Sudhir Kumar, Advocate
(Expert) 28 August 2015
they need to inform the court that they inherited nothing from guarantor and as advised above gives details of borrower's children and their assets inhereted from him.
meet a lawyer.
