Legal Question in Banking Law in India

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.

Asked on 10/12/13, 9:24 am

2 Answers from Attorneys

Rajiv Chandhok Ph: +919810050896 http://www.linkedin.com/pub/rajiv-chandhok/33/7b7/82
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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 chandhokrajiv@gmail.com

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10/14/13, 1:52 am
Fca Prashant Chavan Expert Edge LLP
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15.10.2013

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.

Regards,

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10/15/13, 5:35 am

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