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personal loan recovery after death
21-Aug-2023 (In Banking / Finance Law)
sir my father have taken a personal loan from shriram chit funds more than 15 years before ,he was passed away in 2011. but now i get a call from an advocate on behalf of the company she says that my mother is liable for the loan and they will take legal action against her, is it possible to do like that...what can i do.... (loan amount is around 45000)
First, it has to be checked if limitation is available to sue your mother. Even assuming your father signed any acknowledgment of debt in 2011, it revived the debt only up to 2014. The legal action seems to be time barred. A suitable replyl has to be sent to the legal notice.
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Adv. Swaminathan Neelakantan
Coimbatore | 400+ Answers
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As long as your mother is not a guarantor in the personal loan issued by Shriram chit fund to your father. the legal department of Shriram chit fund can't claim the amount from your mother. is there any legal notice issued against your mother.
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Adv. K. Karthikeyan
Coimbatore | 25+ Answers
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