Zest money loan
7 months ago
My father who took out a loan in zest money unfortunately passed away so does that make me his son liable to pay the loan ?
A.Dear Client,
After the death of the borrower, the lender may initiate the process to recover the unpaid amount from the assets of the loan receiver. In such cases, the bank may even reach out to the legal heir to recover the dues. If the legal heirs inherit any assets from the deceased person, they are obligated to repay the obligation. Legal heirs are solely accountable to the degree that they receive any assets from the deceased borrower. The Karnataka High Court has ruled out in a judgment that a son being the legal representative is liable to discharge the liability of the deceased father under the Negotiable Instruments Act.
After the death of the borrower, the lender may initiate the process to recover the unpaid amount from the assets of the loan receiver. In such cases, the bank may even reach out to the legal heir to recover the dues. If the legal heirs inherit any assets from the deceased person, they are obligated to repay the obligation. Legal heirs are solely accountable to the degree that they receive any assets from the deceased borrower. The Karnataka High Court has ruled out in a judgment that a son being the legal representative is liable to discharge the liability of the deceased father under the Negotiable Instruments Act.
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A.Dear Sir,
If it is personal loan taken by your father without giving any security then you are not supposed to repay the same unless you have inherited his properties.
If it is personal loan taken by your father without giving any security then you are not supposed to repay the same unless you have inherited his properties.
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