Bank loan


Hello Attorney, Need your advise here... My Friend has availed a loan from a bank with out any surity. He has used the money for his child's education & daughters marriage.Unfortunately he had a massive heart attack &  expired a month ago.  What will happen to the outstanding loan amount, as his son not in a position too re-pay the same.  Please advise.

 
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PROPRIETOR

Dear Sir,

 Strictly speaking bank would have claim against his assets for repayment. Check the facts and try to settle the issue through negotiation.

 
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hello sir, Need your advise here... 

 
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PROPRIETOR

Originally posted by : Advocate Rajbir Singh Dhanda

 

hello sir, Need your advise here... 

It is not clear to me what exact advice is required. Please clarify?. Just to add, son ( treated as a separate entity from father ) is legally not liable for any amount over and above what he inherits from father.

 
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Dy Director

you are advised.                  

 
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Thanks for your responses. Will advise my friends son accordingly.
 
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