Partnership firm.
Rahul deewan
(Querist) 21 August 2017
This query is : Resolved
Hi, My question is regarding partnership firm. My uncle grandmother and mother started a partnership firm..land is registered in the name of uncle and grandmother..my mother started a partnership firm by mortgaging land of two..1/3 money was invested by my mother as it was a term loan..my questions are.. 1.what to do if the legal heirs of deceased grandmother and deceased uncle dont want to pay loan 2.did my mother share in land exist as the land and building are being shown in book of accounts regularly 3.the land mortgaged in bank is land of two owners or land of partnership firm.. Thank you
Rajendra K Goyal
(Expert) 21 August 2017
Broadly both partners are jointly and severally responsible to pay the loan. If the legal heirs do not pay, full loan can be recovered from other partner.
Title documents of property are in your and your deceased Grandmother, your mother has no share in it being a partner of firm.
Mortgaged property is of owners and not of firm, however, Bank can recover from mortgaged property.
Rahul deewan
(Querist) 24 August 2017
If land has been given as partners contribution towards term loan of project sanctioned by bank..then can the land be registered in name of partnership firm either by banks consent or by court?
Rahul deewan
(Querist) 26 August 2017
What to do if legal heirs are not paying loan?
How can i get all property if i pay the whole loan amount n get n.o.c from bank
