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HOW TO SAFEGUARD HUF PROPERTY FROM ATTACHMENT?


22-Mar-2023 (In Recovery Law)
Sir, I am a guarantor for my friend in an individual capacity who is the principal borrower in a cooperative bank. No collateral security has been given from my end. The principal borrower is a defaulter and doesn’t have assets to repay the loan. I have formed HUF for which I am Karta. To recover the loan of the principal borrower could the bank attach My HUF Bank account and HUF property which was gifted by my brother to My HUF ?
Answers (1)

Answer #1
701 votes
Well, they can recovery the loan money from mere your share which you are holding in your HUF, if you won't be able to pay the outstanding loan amount as a Guarantor within a prescribed period of Days, however, to do that, Bank has to seek prior permission of the court.
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