Legal Question in Civil Rights Law in India
Flat is in joint name of wife & husband. Husband was Guarantor to to borrower his friend. Rec.Officer attaching joint flat because his friend did not repay bank loan in which her husband was Surety. Husband has made Regd. Gift Deed favouring wife of his 50%share but transfer of full flat ownership on basis of Gift is now applied. Meantime Recovery Officer is attaching Guarantor's joint flat.
1] Can Joint flat be attached.
2] What Soc. should reply to Wife about transfer
3] What Soc. should reply to Rec.Office/Bank for creating lien on flat. Kindly Advise
JP
1 Answer from Attorneys
27.04.2014
Dear Sir / Madam,
All the assets and property of the guarantor can be attached for recovery of the outstanding loan guaranteed for repayment. The Gift Deed made my the husband will be deemed null and void in the eyes of law. This is simply done because the guarantor or surety can easily collude with the original borrower to avoid repayment of the borrowings.
The husband who has stood surety should tell the borrower to immediately repay and settle outstanding dues to avoid the guarantor's / surety's assets being "attached" for recovery by the Bank.
Regards,
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