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Need guidance on bank loan recovery
17-Jun-2023 (In Banking / Finance Law)
father bought a car for his friend (who cudnt get a bank loan )in 2007..his friend agreed to pay loan monthly emi..car got stolen the next year from his house,,it was not insured and FIR was lodged...my father died in 2011 and the bank keep calling me..i have received a letter from court today under section 138 NI ACT IN THE NAME OF MY FATHER..i have given a death certificate of my father to the postman in uniform..can the bank force me for money..
It appears that your father was borrower. Bank can recover loan from the legal heir of the borrower. Hence Bank can initiate recovery proceedings from you, being legal heir of the borrower. However proceedings under section 138 of the Negotiable Instrument act can not be initiated against you.
Rajiv Jindal
Advocate
Rajiv Jindal
Advocate
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Adv. Rajiv Jindal
Ghaziabad | 25+ Answers
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