Partnersheep firm_loan case
Shirin Dhonde
(Querist) 03 July 2014
This query is : Resolved
Hello Sir,
My Father and his business partner did a Partnersheep deed for a Firm (with 50-50% share each). They opted a Property mortgage loan of 1 Crore (Partnership loan account 50-50%). Loan was taken against Partnership Firm only.
Now my father is passed away.
Can I pay the bank 50% of loan amount and get no dues from bank so that property which is mortgaged to bank gets released.
Bank is saying that paying 50% of loan amount is of no use.
Please suggest .
Thanks,
Shirin
Anirudh
(Expert) 03 July 2014
The property has been mortgaged for certain amount. Unless the entire amount along with the applicable interest is repaid, nobody will release the mortgaged property to you.
ajay sethi
(Expert) 03 July 2014
agree with Mr anirudh
Advocate Bhartesh goyal
(Expert) 03 July 2014
Yes until the entire loan amount along with interest is not paid,Bank will not release the mortgage property.
Shirin Dhonde
(Querist) 03 July 2014
But other partner is not ready to arrange 50% of loan amount. he is not ready to repay any money to bank.
And I am ready to pay money to bank which comes to my end(half of the loan amount).
In this case what should i do?
Rajendra K Goyal
(Expert) 03 July 2014
How much credit summation has happened in the loan account after the demise of your father. If it is more than the loan limit, write to the Bank that due to demise of one partner/ your father, the partnership has been dissolved and sufficient credit has been credited in the account, rule in Clayton case applies in such case and your father and his guarantee has come to an end. Ask the Bank to return the property papers given by your father if the property belonged to your father.
Anirudh
(Expert) 03 July 2014
Dear Mr. Rajendra K. Goyal,
I have a very serious doubt whether Clayton's case Rule applies to the fact situation of the present case at all.
I shall be deeply obliged, if you could kindly explain how Clayton's Rule is applicable in this case.
Shirin Dhonde
(Querist) 03 July 2014
Yes..Goyal sir,It will be helpful if you can explain in detail
a.haridasan
(Expert) 04 July 2014
mr.shirin,firstly you may go through the Partnership deed and peruse the terms with care....a partnership may dissolve (partnership at will ) after the death of either party and it may be re constituted as per the norms .i concluding that if a partner ship is dissolved after the death of one among them , the property concerned will be liable for the debts .
Anirudh
(Expert) 05 July 2014
Dear Mr. Goyal,
I think this query has escaped your attention.
Anirudh
(Expert) 06 July 2014
Dear Mr. Goyal,
I am waiting to hear from you regarding the applicability of Clayton's case Rule.
