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WHAT HAPPENS IF THE PERSON DIE AND WE HAVE GIVEN HIM LOAN ON AGREEMENT


31-May-2024 (In Recovery Law)
I AM DOING SMALL FINANCE BUSINESS IN MY FREIND CIRCLE. I DO AGREEMENT AND TAKE CHEQUES. THERE IS ONE LINE WRITTEN IN AGREEMENT THAT LIABILITY WILL BE TRANSFERRED TO THAT PERSONS FAMILY / LEGAL HIERS IN CASE OF HIS DEATH. JUST WANTED TO CROSS CHECK IF PRACTICALLY WE CAN RECOVER OUR MONEY FROM HIS FAMILY IF HE HAS SIGNED AGREEMENTS AND WE HAVE CHEQUES
Answers (2)

Answer #1
848 votes
Yes you can recover the loan amount from the legal heirs of the deceased person. but that is limited to the extent of the property inherited by them from the deceased person. they won't be criminally liable.
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Advocate Ajay Garg

Adv. Ajay Garg

LawRato Ludhiana | 100+ Answers
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Answer #2
929 votes
Yes U can recover the amount from the legal heirs of deceased but for this U must show that they inherited the property of deceased and in case of cheque U have to make a story that deceased took the amount From U And gave u post dated cheque in lieu of his legal liability but before the said date he died so U not presented the cheque for encashment
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Advocate Naveen Kumar Palta

Adv. Naveen Kumar Palta

LawRatoMoga | 25+ Answers
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