19 September 2020
Hi my father in law have due amount in chit fund he has expired 4 years back and there are two nominees first my mother in law and second deceased person brother, since they issued to notice to my mother in law to settle the amount many times we went to discuss and asked required documents in order to pay the amount but they are not giving required documents / copies since they send an another notice to my wife as well as sister in law as a legal heirs is there any possibilities in chit fund act legal heirs are responsible for recovery and also only primary nominee only responsible to recovery or both ?
You have rightly demanded the documents with respect to the amount given in chit fund or else let them take legal action. You can defend it. Otherwise, anyone will send notice and demand an unreasonable amount.
19 September 2020
As per your query, it is presumed that your father-in-law participated in chit auction and took the amount. The Chit Fund companies will take sureties from three persons at the time of the issue of check/DD for the Chit amount. So as per chit fund agreement which is generally executed by the Subscriber and the Chit Fund Foreman/Manager as the case be and the subscriber shall repay the full amount. So they issued notice. That notice will be issued to the sureties as well as legal heirs. So if you have any problem complain to the Registrar of Chits of your District. If the Chit Fund Company cheats, the Registrar of Chits will take legal action against that company.
03 October 2020
Was your father a prized subscriber? How had he collected the prize amount? If the remaining subscriptions were not deducted from the prize amount, he would have provided sufficient security. There is no question of furnishing any surety or guarantee. Please verify.