Legal heir for fathers illegal business
3 years ago
Question 1-My father used to work previously as one agent in one credit society,agency was under my mothers name and he used to work on her behalf since many years recently he passed away due to covid since then director of that society called us informing there are many issues found his their balance sheet entry as my dad used to work as collection agent and there is major difference in amount collected and amount entered in passbook since the agency was under my moms name is she liable to make any payment and settle their dues?
Question 2- apart from this my father was involved in money matters of people by giving them interest on the amount submitted (all business money oriented people) no documentation involved after his sudden demise those people are chasing me for their money that they have lost and are claiming that since i am his son im the legal heir to clear the amount wherein i am not even aware of the transactions or no document evidence is there from my dad to them pls help
Ayantika Mondal @ Prime Legal
Responded 3 years ago
1) Since the agency was in your mother's name, default will be considered in her name itself even though your father was handling the affairs of the agency. Liabilities will lie onto your mother.
2) Even though you are the legal heir, no money can be recovered from your personal assets or your income. Any property which you have inherited from your father can be auctioned for releasing the amount payable to the creditors.
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a) Since your father is dead and the agency is in your mother's name, liability will fall on your mother to settle the remaining and the difference between the amounts even though she was not handling the accounts.
b) You're not liable to pay back his debt out of anything that you had made out of your own income or savings. You're only liable to pay out of what was your father's property and his inheritance in the same. Even though the matter reaches the court, the amount will be released from auctioning his property, and no liability will be called in your name.
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