Legal Question in Banking Law in India
if a person dies who is having a personal loan. Who is responsible for repayment?
Asked on 8/26/09, 7:48 am
4 Answers from Attorneys
Prof.Somnath Mukherjee
s.mukherjee associates,09874053359
His property and his legal heirs
Answered on 8/26/09, 11:36 am
It should be as per the terms of the personal loan agreement. Ideally there remains a charge over the property in the name of deceased and dues may be recovered from beneficiaries.
Answered on 8/27/09, 6:51 am
J. Radhakrishnan
independent Practice
If his legal heirs have assets of the deceased debtor, the creditor can proceed against them in their hands. Unless they have not squandered it, they would not be personally liable.
Answered on 9/03/09, 12:19 am
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