We have granted a cash credit facility and two term loans faclities to "Z" partnership firm during last year. The documentation was executed by the then 2 partners, Mr.A & Mr. B. Subsequently there was an addition of one partner Mr. C. Then as per the instructions from me our bank obtained Personal guarantee and undertaking from the partners stating that loan executed vide sanction letter dated..........continue to stand in full force. Now existing partner Mr.B passed away and he has given 2 personal properties as colletral securities to the loan availed by the partnership firm.
Partnership deed show this partnership firm is partnership at will
Now please clarfiy
1.Whether we have to get entire documents fresh ?
2. What documents we have to obtain from the legal heirs of the deceased partner?
3. Reconsitution deed is necessary ? 4. What type of format of undertaking letter from the existing partners ?
5. Is there is any other document to be obtained from the partnership firm?
6. Normal Procedures to be followed as when the death of the partners in the partnership firm? Please also attach the relevant format of undertaking letters.