Father died and has given me few cheques?

Simply I do not understand two posts one with reporting of living of the payee, and the other mentioning that original payee is no more.

As a legal heir, you are entitled to all rights vested with your father after his demise.

The reason I have put two posts is because to make the sitiation more specefic of the situation I am in. By gods grace my father is still alive and therefore I thought to get some idea into how should deal now and what happens if he is no more.

I am also thankful to the answer by you and others so far as they answers do make sense and seem this thread closes.

I will still be glad to see others respond just incase if they have some other direction to point at.

RBI has issued guidelines on 'Deceased depositor a/c' and 'Flow of Funds'.

Still it is suggested that you may consult and very able counsel with all docs,facts, inputs and understand all options and merits.

Post real facts and don't conceal.

Hon Kumar Doab Saab,

RBI guidelines are not applicable to payees.

THe poster has not communicated the issue properly and some presumptions have to be made.

As I understand and confirmed by poster, his father is having the cheques mentioning his father's name as payee and the poster is having doubts of such encashment for recovery of loan in case of death of his father.  (His father is living)

So the simple issue is how a son can encash the cheques given to his father by a third party as security for repayment of borrowed money by a third party and procedure for encashment of such cheques by his son and legal remedy by son against this third party.

Hon Kumar Doab Saab,

RBI guidelines are not applicable to payees.

THe poster has not communicated the issue properly and some presumptions have to be made.

As I understand and confirmed by poster, his father is having the cheques mentioning his father's name as payee and the poster is having doubts of such encashment for recovery of loan in case of death of his father.  (His father is living)

So the simple issue is how a son can encash the cheques given to his father by a third party as security for repayment of borrowed money by a third party and procedure for encashment of such cheques by his son and legal remedy by son against this third party.

While I was posting the querist also posted.

The post of the querist was published before my post.

Now I have read that his father is alive and he has been presuming, as posted by him.

The RBI guidelines are explicit  on 'Deceased depositor a/c' and 'Flow of Funds'.

There is no change in my opinion.

The querist and his father seems to be in moneylending.

They may consult their own counsel with full facts and considered opinion.

Kind Attn.: Mr. Kumar Doab and Mr. Prasad

Thank you for your prompt replies. I really appreciate it. We are not into moneylending business as legally speaking.

You have already posted in 1st query that:

"

My father died and had given me few cheques. These cheques are from a person who took loan from my father and therefore this person had given my father few cheques as a security against the loan. 

1) Cheques do not have a date but have the amount written on each of them

2) My fathers name is written on each on of them too.

My question is: Is there any way to get the money back through court?"

This is moneylending, what else?

Thanks for your appreciation of contributors.

It is good to see that some querist come back to thanks the members/Experts.

@Mr. Kumar

I assume moneylending is a business thats needs a license and we do not have a license for it. What do you suggest in this case?

@Mr. Kumar

I assume moneylending is a business thats needs a license and we do not have a license for it. What do you suggest in this case?

Consult your own counsel for a considered opinion.