Legal Question in Credit and Debt Law in India

Hi

We have ancestral property in terms of agricultural land. Our father had taken loan from lenders many years back which is unknown to both the mother and his 3 sons.

about 3 years back, the lender went public about this loan and thats how the sons and the mother got to know about this loan. at that point of time, the 3 sons paid an amount of 6 lakhs to the lender in exchange of the promisory notes which the father had signed while taking the loan. It was also taken in writing that the lender does not have any more money to be repayed by the father.

Now after 2 years, we understand that the lender had retained 1 promisory note (or may be more since the father does not remember how many promisory notes he had signed initially) and transferred to a finance insitiution. the finance institution is now asking for more money against the promisory notes.

The father meanwhile is not revealing or does not remember how many promisory notes he had signed or which are still in public. such loan repayments have been done earlier as well by selling ancestral property. After that, the ancestral property has been transferred and registered in the name of the 3 sons to safeguard it. Father has no property against his name.

In the above context, kindly guide the legal binding on the sons and the wife :

(1) Are the sons liable to pay against any such note signed by the father.

(2) Can the lenders claim right to the sons property if the dues are not serviced by teh father.

(3) Given the context that father is unaware or not letting us know of how many such promisory notes have been signed earlier, and the fact that the sons have repayed from their money in the past, what can be done by the sons to save themselves heceforth.

rgds

Nisha

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