Cash Credit Limit
2 years ago
My father had taken a cash credit limit of 1.75 Lacs on Jan 2009, which he was unable to pay. Now that my father passed away last year that is 2002 and I have not inherited any property from him. the business was taken over by my uncle. And now I have received a letter from bank that I am supposed to clear the debt as I am the legal heir. But my question in back when the loan was taken me and my bother were minors. And a few day back with immense hard work we bought a flat but we have not inherited any property from my father. So will that pose a problem to the house we bought. Also I am not legally liable since I was not involved in any of the loan processes.
A.Dear Sir,
You are not liable to pay any amount to the Bankers as it was personal loan and you have not inherited any property from him and also on the following principal of law.
'Pious obligation' means the moral liability of sons to pay off or discharge their father's non-avyavaharik debts. ... The ancient doctrine of pious obligation was governed by Smriti law. There is a pious obligation on the sons and grandsons to pay the debts contracted by the father and grandfather.
Hindu Succession (Amendment) Act, 2005- Rights & Liabilities of a daughter member
Section 6(4) provides that no court shall recognize any right to proceed against a son, grandson, or great grandson for the recovery of any debt due from his father, grand father or great grand father.
Pious Obligation gone
As you and your brother are the legal heirs, the obligation rests upon you both to repay the loan. However, you may negotiate the terms with the bank according to your situation. Lastly, it will not pose any problem to the house you bought.
Thank you.
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