Legal Question in Banking Law in India
A mortgagor/guarantor to the loan transaction is died. One of the legal heir who got transferred the mortgaged property of his father is the sole proprietor of the firm who borrowed money from bank. What is the course open to the bank to continue the business? Can the bank ask all legal heirs to execute further a fresh mortgage?
Asked on 3/10/17, 6:03 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
10.03.2017
Dear Sir / Madam,
Yes, the Bank is entitled to execute a fresh mortgage from all the legal heirs for continuing granting of facilities to the main borrower who is the sole proprietor of the concern.
Regards,
Answered on 3/10/17, 6:21 am
Related Questions & Answers
-
Our resident in chass (B s city jharkhand) i have a mutation and property is... Asked 3/09/17, 7:05 am in India Banking Law
-
My c.c a/c becom n.p A on 31 jan2017 but bank over due start 3.nov 2017 after... Asked 3/08/17, 9:44 pm in India Banking Law
-
Sir, Myself is a sbi clerk. My application of inter circle transfer has been... Asked 3/05/17, 12:09 am in India Banking Law
-
Account number jumbling wrong Account debited and credit given to destination bank... Asked 3/04/17, 8:17 am in India Banking Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
