Legal Question in Banking Law in India
A 78yrs old mother is a gaurantor for a loan taken by her son who had died suddenly. The account has become NPA now and his properties will be auctioned by the bank. Can she sell her self acquired property which stands as a guaranty for that loan without the bank knowing it or can she donate it to her other son. Can the bank claim her property if loan amount is still outstanding. Does the other son have any stake on that property.
2 Answers from Attorneys
It is not clear whether the mother has mortgaged her property to the Bank for the loan taken by her son since deceased. If it were so, the Bank will proceed against that property whether she retains it or sells or gifts it. The Bank can attach the property in a legal proceeding even in case it is not mortgaged. Before that happens, she can sell or gift the property.
facts not clear
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