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Bank loan paid in 2009 now bank threatening legal heir what can we do
05-Jul-2023 (In Recovery Law)
A person took a loan for a truck but he passed away recently. The last EMI was paid in 2009. Now after the death of the person, the bank officials are threatening the wife of the deceased and the guarantee that the bank will file cases against them. Can the bank file cases against the wife and the guarantee given the fact that the person who took loan has died and the bank has not done anything in the last 6-7 years to recover the loan when the person was alive. Also the cause of the death of the person was brain hemorrhage due to tension as the truck was stolen 2 days before his death.
The Bank can, ordinarily, seek recovery of loan against legal heirs and guarantors. However, in most of the cases there is an insurance coverage wherein if the insured dies during the subsistence of loan the insurer will clear the liability of the loan. Also relevantly, as stated in the query, the bank has not done anything in last 6-7 years. In which case, the claim of the bank would be barred by limitation.
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Adv. Gaurav Srivastava
Delhi | 25+ Answers
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It can certainly, by challenge, and it may possible to escape the liability.
It all depend on the agreement which has been executed for Loan, however, the liability of grantor is co-extensive, in case of default only, not other wise.
It all depend on the agreement which has been executed for Loan, however, the liability of grantor is co-extensive, in case of default only, not other wise.
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Adv. Naveen Kumar Shelar
Delhi | 100+ Answers
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The bank cannot file any case against the deceased.
Secondly, legally, the bank can file the case only within three years from the last payment made or due. Except any acknowledgement on the part of the payer.
Secondly, legally, the bank can file the case only within three years from the last payment made or due. Except any acknowledgement on the part of the payer.
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Adv. Manish
Delhi | 100+ Answers
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