Legal Question in Banking Law in India
Can a member of HUF take a business loan by giving his HUF Property as collateral? Should HUF have a share in the business? What about Minors in the HUF?
Asked on 3/18/10, 8:46 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
If he is Kartha of HUF, he can offer the HUF property as collateral provided the loan is for the benefit or neccsity of HUF. Otherwise his share alone can be given as collateral. The above holds good even if the HUF has minors depending upon the benefit or necessity for the HUF to offer its property as collateral
Answered on 3/18/10, 7:31 pm
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