Discharge of loan

This query is : Resolved 

20 September 2015

A person taken a loan from bank on his agriculture land.in pendency of loan person died and his half share of land mutated in the name of her daughter in law on basis of WILL .Now the daughter in law wants to repay the loan in share which she get but the bank is not ready and demanding whole loan amount and failing which threaten to auction the whole land. My question is that if the act of bank is legal and can daughter in law file any suit for restricting bank to sell her share?

20 September 2015

1. The action of the Bank is illegal.

2. Yes. She can.

R.K NandaOnline (Expert)
20 September 2015

consult local lawyer.

Guest (Expert)
20 September 2015

At the Time of Availing the Loan from Bank there is only One Borrower and One Loan as Well.So the Whole Loan to be Settled to the Bank Irrespective of your Partition.Legally Your Partition It self would come in to Effect Only After the Settlement of Loan to the Bank.Better Settle the Full Loan Amount to the Bank Or the Bank would Proceed Legally.In Fact the Concerned Bank is Kind to you in Explaining the Facts,Normally the Banks will Accept your Payments and Keep it in the account of payment dues.

Rajendra K Goyal Online (Expert)
21 September 2015

Action of the Bank is legal and if such suit filed, may not be decided favorably.

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