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Imran (propriter)     11 June 2011

Please advise

My father was an guarantor to his friend for loan against goods for his shop but after some days borrrower dies and his daughter staying with him refuse to pay the loan So i want to know who will responsible for repayment of this loan Guarantor or his daugher..want to know more if borrower daughter is financially sound good and rented his father shop to other in which his father had taken a loan against goods but she is refusing to pay loan then what my father can do now who is guarantor so we can go further in court or any other option to escape from this loan matter.Please advise.



Learning

 3 Replies

Dipangkar (Business)     12 June 2011

I am not a lawer, but as far as i know...

A successior is also liaable to pay his/her father's debts as well.

1 Like

adv. rajeev ( rajoo ) (practicing advocate)     12 June 2011

Deceased's  Daughter is liable to clear the debt.  If she is not ready then inform the bank to initiate legal proceedings against her and you can also issue notice to her to clear the debt of the bank and send the copy of the same to the bank.

1 Like

Hina Gupta (LL.M. Student)     17 June 2011

mr. Imran now your father is not liable to pay remaining debt as he was guarantor only but legal successor has to pay the remaining debt.


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