Legal Question in Credit and Debt Law in India
Dear Sir,
My father passed away 2 days back. Today I receive a legal notice from a lawyer to clear the vehicle loan for which my father has stood as a guarantor for one of his friend which was defaulted
What should be the legal recourse I should take.
My father did not have any assets in his name
Asked on 1/18/16, 3:55 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
18.01.2016
Dear Sir / Madam,
As the guarantor, your deceased father's liability to repay and settle the loan is secondary. It remains the primary responsibility of the principal borrower to settle the loan, failing which the Bank has to attach the assets owned by the borrower towards recovery of dues.
Regards,
Answered on 1/18/16, 5:10 am
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