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Is son responsible to clear outstanding of diseased father ?
07-Feb-2023 (In Banking / Finance Law)
My father had axis bank credit card now he is dead do I need to clear the outstanding
It is a debt in law. A debt owed by a father will transfer to his legal representative such as his son, wife daughter only in limited circumstances. If you have inherited any property from your father, you would be liable only to that extent. However the catch is, the bank has to file a suit for recovery against you and get a decree in his favour and against you. Without that there is no question of you having to clear his outstanding dues.
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Adv. Asif Ahmed
Delhi | 25+ Answers
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Bank has a recovery claim against the father's property both moveable and immovable . The legal heirs can settle with the Bank . If the son is inheriting from the father , his liability is limited only to the extent of his inheritance .There is no liability on his personal property and finances.
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Adv. Usha Sharma
Delhi | 25+ Answers
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