friend EXTENT OF LIABILITY

virendermahajan (Querist) 06 June 2011 This query is : Resolved
MY FRIEND FATHER HAS TAKEN A LOAN FROM BANK AGAINST HIS OWN HOUSE IN YEAR 1980 AND HIS FATHER DEFAULTED IN PAYMENT SO LONG AGO BUT SUDDENLY HIS FATHER DIED AND LOAN AMOUNT HAS ACCUMULATED AS HUGE AMOUNT NOW .MY FRIEND WORKS IN INDUSTRY AND HAS NOT GIVEN ANY GUARANTEE AS TO ABOVE DEBTS .HE HAS ONLY HOUSE WHICH HE HAS PURCHASED IN HIS OWN NAME BY SELF SALARY INCOME .PLS TELL ON HIS EXTENT TO WHICH HE IS LIABLE AND WHETHER HIS PERSONAL HOUSE CAN BE SOLD FOR FATHER LOAN .PLS QUOTE SECTION ,ACT WHICH WILL APPLY IN THIS MATTER.

Follow Query

Report Abuse

M.Sheik Mohammed Ali (Expert) 06 June 2011
actually as per civil law the son liable to pay father debt, same time you and the bank come to the mutual understanding that i will pay so give some time(that you ask)

virendermahajan (Querist) 06 June 2011
PLS TELL SECTIONS UNDER CIVIL LAW ON EXTENT OF HIS LIABILITY UNDER CIVIL LAW SO THAT IT PROVE HELFUL FOR MY FRIEND .HE IS NOT HAVING MONEY AND BANK NOT READY TO GIVE AFTER AGAIN AND AGAIN REQUESTING

virendermahajan (Querist) 06 June 2011
my friend is of hindu religion

sharad raghav - 9990549475 (Expert) 06 June 2011
ask ur frd to go through all the loan papers there may be he get some defense otherwise.......

PALNITKAR V.V. (Expert) 07 June 2011
If the father has taken loan on house, the son being a successor has to pay the loan dues especially because the loan was taken in 1980. As per earlier law, a hindu son is liable to pay for pious debt incurred by his father.