Legal Question in Credit and Debt Law in India
i have lent money and took the promissary note. immidiately after 4 month person(55years) died. how do i recover the money. he has 3 legal heirs.
please do the needful
1 Answer from Attorneys
25.11.2014
Dear Sir / Madam,
SUCCESSORS : All of the foregoing in a Promissory Note is the promise of Maker and shall bind Maker and Maker's successors, heirs and assigns; provided, however, that Maker may not assign any of its rights or delegate any of its obligations hereunder without the prior written consent of the holder of the Promissory Note.
As is evident from the above, the three legal heirs of the Maker who has demised are liable to settle the obligations of the Maker. If the legal heirs refuse to pay up and settle the Promissory Note, a legal notice to them may be filed for recovery of the amount.
Regards,
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