Legal Question in Banking Law in India

What is the bank duty if the guarantor dies after being guarantee for some others loan and if he is already attaining a court matter of a case where is has stood as guarantor n dies in between n his advocate informs the court very next day on the date of case n roznama it is mention about his death.....what is yhe duty of bank to bring his legal heirs on record n the in what time of limitation


Asked on 1/18/13, 12:27 am

1 Answer from Attorneys
J. Radhakrishnan independent Practice

The Bank has to bring the legal heirs in the pending litigation. It is three months from the date of knowledge of the death within which they have to make application for impleading the legal heirs. Otherwise, the litigation will abate against the deceased guarantor as also his legal heirs.

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Answered on 2/06/13, 8:57 pm


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