property bought by my grandpa,my father inherited it from him, my father is said to have given a bank gurantee in 1995, my father died in 2003, his assests are enjoyed by his legal heirs, in 2013 bank is coming after us because of gurantee given by my father, are we liable to pay, please guide and help us.
2 Answers from Attorneys
Usually such guarantees contracts end up with the persons life, if he has not pledged any of his property. In case he has pledged any property then you may be dragged into unnecessary litigation You may also drop a detailed query at email@example.com
To know us better, please click on the links below:
Dear Sir / Madam,
You should refer to the terms and conditions of the Bank Guarantee and if it specifically provides that the legal heirs are responsible for performance, you are liable to pay and settle the dues to the bank.
Related Questions & Answers
Is insufficient fund and effects not clear both are same ?In case of funds under... Asked 10/11/13, 1:26 am in India Banking Law
I have kept my FDR against vehicle loan for my friend. How can I take out the FDR?... Asked 10/10/13, 4:59 am in India Banking Law
Format for requesting opinion report of borrowers of other banks Asked 10/09/13, 9:31 am in India Banking Law
The court has issued a notice to the accused but he has not recieved it and sent it... Asked 10/08/13, 11:30 pm in India Banking Law
Dear Sir/Madam, I want to inform you that I am an SB account holder... Asked 10/08/13, 7:08 am in India Banking Law