Affidavit of legal heir

Saikat Sen (Querist) 30 August 2012 This query is : Resolved
Dear Sir,

Suppose a person above 60 yrs have 05 legal heirs,viz.A,B,C,D,E.The person applied for a loan to Bank,with A & B as coborrowers.The bank has a circular in which it is written that the person above 60 yrs need a major co borrower.The person submit the Notarial affidavit to Bank stating that after the death of the person as per the WILL the A & B will be the absolute owner of the property.

The affidavit is legally valid?Is it true that after the demise of the person A & B would be the absolute owner of his property?Who would be be liable for repaying the loan after the death of the person?The scanned copy of the affidavit is enclosed herewith.

Thanks & Regards,
Saikat Sen

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ajay sethi (Expert) 30 August 2012
was will revoked by the person while alive? . if will has not been revoked then as per will A and B would be absolute owners of property . the affidavit merely reinforces the said fact

the liablity of repayment is upon the legal heirs . in this case sinc A and B inherited property they would be libale to repay

Saikat Sen (Querist) 30 August 2012
Dear Sir,

In this case, is it necessary to take the will as a security with the deed & land records of the person?

In this case either A & B would liable to pay the full amount of loan or A,B,C,D E all are liable to pay the liabilities.

Revokation of Will mean?

Saikat Sen (Querist) 31 August 2012
pls. reply..........

sukanya (Joyce) (Expert) 01 September 2012
Sir,
A & B will be liable to pay the loan-amount as they are the legal-heirs, co-borrowers along with father and also they specifically become the owner of the property as per the " will" so the owner are liable to bear the payment of loan amount. The specific affidavit is also executed by the father of A & B. so it is clear that they have to indemnify the loan payment.

sukanya (Joyce) (Expert) 01 September 2012
Revocation of will- means, whether the father of A & B have cancelled the will stating that the " will" will be stand cancelled or revoked then "will" cannot be enforced by law.