Legal Question in Credit and Debt Law in India

who is first responsible whether legal heirs or guarantor to pay the outstanding loan after the death of borrower if there is no any mortgage with the bank


Asked on 5/20/14, 7:28 am

1 Answer from Attorneys

Fca Prashant Chavan Expert Edge LLP

20.05.2014

Dear Sir / Madam,

The legal heirs remain morally bound to repay and settle the outstanding loan of the deceased borrower prior to the guarantor being called upon by the bank for settlement of the loan amount.

Regards,

.

Read more
Answered on 5/20/14, 8:00 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in India