Ask Experts Questions for FREE Help !
Ask
    raja_konar's Avatar
    raja_konar Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jun 22, 2012, 05:44 AM
    Judgement on bank loans
    My father has taken personal loan of rs 100000/- from a private bank in the year 2001 after repaying till 2008 he was unable to pay due to his sickness. When he went to the bank for settlement on medical grounds and to pay final settlement amount, but bank refuse to accept. In the year 2010 he expired. Now bank is asking me to pay since I am the legal heir (son). Kindly tell guide me.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #2

    Jun 22, 2012, 05:51 AM
    You will have to tell us where this is, It does not sound like the US or Canada, laws vary by location.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
    Expert
    		  
    #3

    Jun 22, 2012, 06:35 AM
    Quote Originally Posted by raja_konar View Post
    ... Now bank is asking me to pay since i am the legal heir (son). Kindly tell guide me.
    You need to determine if, wherever you are, there is a law requiring a child to pay the debts of his deceased father. Here in the U.S. for example, there generally are no such laws, unless the father left assets to heir(s).
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Bank loans [ 2 Answers ]

1.At a closing at 10 a.m. on May 3, 2005, X Corp. delivers $25,000,000 to the seller of a factory using $20,000,000 from Bank One secured by a mortgage on the property, and the attorney for X Corp. records its title to the property at the same time. At 2 p.m. the same day, X Corp. grants a mortgage...

Default on bank loans? [ 1 Answers ]

My grandson has a line of credit with his bank with his house as the collateral he lost his job and is 3 months behind on pay't.will this loan work like a mortgage with a foreclouser? The house value does not meet the loan so he can't sell it.

Bank loans [ 0 Answers ]

Swiss bank lends Y Corp. a Michigan car manufacturer, $50,000,000. Y Corp. signs a security agreement giving Swiss Bank a security interest in all its equipment, including after acquired property. Swiss Bank filed a financing statement with the Michigan Secretary of State just prior to wiring the...

View more questions Search