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Are legal heirs liable to pay loan taken by father
06-Aug-2023 (In Banking / Finance Law)
HI SIR, MY DAD WAS GOVT SERVANT & HE HAS HAD TAKEN LOAN FROM BANK & ALSO PAID MORE THAN HALF OF AMOUNT REFUNDED BY HIMSELF. BUT NOW HE IS NOT ALIVE & BANK COME IN BIG PROBLEM SO GOVT TAKING ACTIONS AGAINST DEFAULTERS. SO I JUST WANT TO KNOW IS THERE ANY ACT WHERE IN LEGAL HEIRS NEED TO REPAY LOAN AMOUNT. WHAT SHOULD I DO ? PLEASE HELP ME.
Dear sir,
Legal heirs cannot be held liable personally and once person dies only his estate is answerable to claim of the Bank. Legal heirs will be liable to the extent of value of estate inherited by the them. If you have inherited any property from your father then you are liable to the extent of value of the property inherited.
Legal heirs cannot be held liable personally and once person dies only his estate is answerable to claim of the Bank. Legal heirs will be liable to the extent of value of estate inherited by the them. If you have inherited any property from your father then you are liable to the extent of value of the property inherited.
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Adv. Sunil Kadam
Mumbai | 100+ Answers
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