Legal Question in Banking Law in India
ours is a partnership firm of 3 partners one of our partner has expired ,as per our deed remaining partners an continue without dissolution . what does banking law say regarding the operation of our overdraft account.
Asked on 4/27/12, 6:44 pm
2 Answers from Attorneys
ranganathan raghavachari
R.Ranganathan & Associates
You have to inform the death of one of the partners and also execute a fresh set of documents as per the present constitution of the firm taking all the present liabilities.
Answered on 4/27/12, 7:17 pm
ranganathan raghavachari
R.Ranganathan & Associates
You have to execute a fresh set of documents as per the present constitution of the firm and agree to take responsibility of the firm's liabilities in the Bank if you want to continue or you have to close the loan and apply for a new loan facility.
Answered on 4/28/12, 3:23 am
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