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Liability of children for failed property transactions of demised father
6 months ago
My demised father-in-law was planning to develop a big shopping complex in commercial plot owned by him in main market area of his town. Due to requirement of large funds he had taken personal loans from private money lenders with large interest rate. But these money lenders have taken promissory notes from him as security by showing that payment is for buying of shops in his complex which is still not built. Does his legal heirs are liable for repayment of money in this failed transaction?
A.Dear Client,
When your deceased father-in-law availed of the loan from the private lenders executing a promissory note as security towards the said loan than on his demise, the lenders can claim a refund of the loan by filing a suit under the Negotiable Instrument Act, 1938, or a summary suit for recovery of debt from the legal heirs who inherited the property of the deceased borrower.. Apart from the security created in favor of lenders, the legal heir(s) of the deceased borrower is/are liable to repay the loan taken by the deceased borrower to the extent of the Estate/property of the deceased borrower received by them by virtue of the law of inheritance.
When your deceased father-in-law availed of the loan from the private lenders executing a promissory note as security towards the said loan than on his demise, the lenders can claim a refund of the loan by filing a suit under the Negotiable Instrument Act, 1938, or a summary suit for recovery of debt from the legal heirs who inherited the property of the deceased borrower.. Apart from the security created in favor of lenders, the legal heir(s) of the deceased borrower is/are liable to repay the loan taken by the deceased borrower to the extent of the Estate/property of the deceased borrower received by them by virtue of the law of inheritance.
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A.Dear Client,
If your father-in-law didn't finalise an agreement for the sale with money lenders, the legal heirs of your father-in-law have the option to dispute any transactions between your father-in-law and the money lenders. If the money lenders wish to recover their funds, they can pursue a legal remedy by initiating a specific performance of the contract in a court of law.
If your father-in-law didn't finalise an agreement for the sale with money lenders, the legal heirs of your father-in-law have the option to dispute any transactions between your father-in-law and the money lenders. If the money lenders wish to recover their funds, they can pursue a legal remedy by initiating a specific performance of the contract in a court of law.
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A.Dear Client,
If your father-in-law didn't finalise an agreement for the sale with money lenders, the legal heirs of your father-in-law have the option to dispute any transactions between your father-in-law and the money lenders. If the money lenders wish to recover their funds, they can pursue a legal remedy by initiating a specific performance of the contract in a court of law.
If your father-in-law didn't finalise an agreement for the sale with money lenders, the legal heirs of your father-in-law have the option to dispute any transactions between your father-in-law and the money lenders. If the money lenders wish to recover their funds, they can pursue a legal remedy by initiating a specific performance of the contract in a court of law.
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