A loan was taken in 1988 from a Bank against a land mortgaged of 200 sq yards. The land was not of the Joint debtor but of a co-signor involved. There were 6 people involved, Joint debtor, his 2 sisters, their husbands and an outsider whose land was mortgaged ( a family friend). The Joint debtor defaulted on the payment and a case was filed in 1993. The court dealt with it and a regular payment with 24% was decided yearly. In 2012 without any notice to any of the parties, the bank got a decree passed and in 2020( during covid) started filing execution orders back to back till now demanding the land since no payment on the loan taken was made.. Meanwhile the JD and co signors died along with the property owner. Only 2 out of the 6 original people who signed the loan are alive. One of the sister and a husband, the owner of the land mortgaged has also passed away. Now the property is 20 times more than the accumulated amount demanded by the bank. If the property is sold will JD (who is deceased) and other signors will also get a share from the sale proceeds or does the profit only belongs to the property owner?
If the legal heir of JD pays off the loan can he/she claim some right on the mortgaged land (the property title belongs to the other co signor?) It is also to be noted that JD gave his friend (who owns the title to the property) a share from the loan taken but there is no paperwork to show that. What are the rights of JD's heir in this case or are they only liable to pay the debt and the heir of the co-signor gets to enjoy the property for free?
