Recovering Loan given to a Friend
Recovering Loan given to a Friend
I gave a loan of Rs 5 lakh to a friend's business firm in Feb 2021 and got that documented in one notarized loan agreement. It was for a period of 1 year with 2% rate of interest pm. As a security he
3 days ago
A. Dear Client,
When a person issues a blank cheque without specifying a date or amount, the recipient can fill in the details and present it for encashment. If the cheque bounces, the holder can file a criminal suit under section 138 of the Negotiable Instruments Act within three months from the presentation date. The Supreme Court ruled in the Sripati Singh v. State of Jharkhand case that a cheque issued as security in a financial transaction can be presented for payment if the agreed repayment ...ReadMore
Joint account Chaque with minor signature only
I lend 2.3 lakhs to someone and for security he gave me a blank chaque with only signature but the problem is it’s a joint account chaque and the person gave me chaque is minor in that joint account
4 weeks ago
A. Dear client, both members must sign a cheque for a joint account. A minor can write a check, but it must be countersigned by a parent. A minor account holder can use a chequebook to withdraw money from their account, but they cannot issue or draw a cheque in favour of a third party. If a minor gives a cheque and it has been dishonoured, the legal guardian who is a joint holder of the minor's checking account is liable under Section 138 of the Negotiable Instruments Act, 1881.
Cheque and pronote
In December of 2019, the second week, I lent money to a known person. Rs. 100000 for 5 percent interest per month. In that time, I gave my four signed cheque leaf and pro-note papers, and within four
1 month ago
A. Dear Client,
In case of mishandling of cheque leafs and promissory notes, one may consider filing a complaint of cheating with the police. While the police may not take immediate action, lodging such a complaint serves as a defensive measure against potential false accusations from the other party in the future. This action can be crucial for safeguarding one's interests and ensuring legal protection in case of any disputes.
Money loss in trading
We don't have paper agreement we verbal commitment, my friend will invest I will trade we both share profit we didn't talk about loss now I lost in trading he is threatening me to police complaint
3 months ago
A. Dear Client,
Oral agreement are not binding on the either parties. But legal FIR can be filed but you may challenge in the high court.
Thankyou
Fraud mortgage loan
I have 1 elder brother. We have house on mother's name. My brother and his wife has mortgage the property with JM financial. Now they are not able to pay EMI. Bank send the notice to my mother where h
3 months ago
A. Dear Client,
Being co-borrower of the secured loan account and the owner of the motgaged property, she has to face legal consequences for non-payment of dues lying against loan. Once a loan is not repaid by the borrower for any reason whatsoever, it is treated by the Bank as NPA. Accordingly, the Bank sends notice to the Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response from the Borrower, the Bank starts the ...ReadMore
Loan surety
My and some of my friends few years ago had signed a surety for loan from a registered chitfund, the one who browed has absconded, the chitfund has notified us that they are going to file a case for r
4 months ago
A. Dear Client,
While the chit fund is notifying you to settle the case, it's crucial to explore legal options. As sureties, you typically assume responsibility if the borrower defaults. However, if the borrower is untraceable, you may consider consulting with a legal professional to understand the extent of your liability and explore the possibility of filing a case against the borrower for defaulting on the loan. Additionally, review the terms of the surety agreement and seek legal advice to asse ...ReadMore
Unable to pay loan
I am unable to pay loan because I don't have money what i do now
10 months ago
A. Dear client,
Read over terms of your loan agreement to see what happens when you are unable to pay it. If you have pledged anything such as a house, vehicle, jewellery, etc, you can liquidate it to repay your loan or if not you can declare insolvency
Want to do legal our house own house
Our society member want money because they do illegal our own house and they are asking money for legaling our house can u just help me.
10 months ago
A. Dear Sir,
You have to approach property lawyer and see that what are the illegalities and how much expense will be occurred and also find out whether you can approach concerned officers and get legalized by paying legal fee.
Bankruptcy / Insolvency
I don't have any property on my name, but If I file bankruptcy, will my family member's property be attached?
10 months ago
A. In case you are entitled for any share in your family's property, on the filing of an application for bankruptcy, the Court may pass a direction/order for attachment of your family property for recovery market debt lying against you to meet the claims of Creditors.
Husband's debts including his own mother's maintenance
Being a wife, am I responsible for my husband's debts. Most important of all is the maintenance amount that he is liable to pay to his mother every month as per court's judgement.
11 months ago
A. Hello,
You are not responsible for someone else's debt. When someone dies with an unpaid debt, if the debt needs to be paid, it should be paid from any money or property they left behind according to state law. This is often called their estate
