Liability for a loan borrowed by son

Querist : Anonymous (Querist) 27 December 2011 This query is : Resolved
I AM AGED 62. MY SON INTENDS TO DO BUSINESS AS A PROPRIETOR OF A SMALL SHOP.

IF HE BORROWS FROM BANKS OR FROM OUTSIDERS FOR HIS BUSINESS PURPOSES, WILL THAT ARREARS OF HIS AFFECT ME?

A PROPERTY OF MINE ACQUIRED AS A GIFT
FROM MY BROTHER STANDS IN BOTH OUR
NAMES.

IN CASE OF ANY LOAN AVAILED BY HIM WHAT IS MY LIABILITY?

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M.Sheik Mohammed Ali (Expert) 27 December 2011
you will not entitled, who are all signed the witness or his own property will collect from arears.

Advocate. Arunagiri (Expert) 27 December 2011
You dont have any liability.

prabhakar singh (Expert) 27 December 2011
If he is opening a proprietorship business then NOT YOUR'S but his all properties that of business and personal shall be liable to discharge all loans he creates.

One thing more I want to tell that when he shall inherit properties from you after you then those inherited properties shall also be liable.

Rajeev Kumar (Expert) 27 December 2011
You have no liability

Devajyoti Barman (Expert) 27 December 2011
You may have a problem if not liability at least with regard to your property jointly owned with your son.
Your son as co shearer may mortgage the half share of the said property and if he defaults to pay then the bank in case of attaching the his undivided share in it would encumber the whole of it.

Querist : Anonymous (Querist) 27 December 2011
THANKS TO THE EXPERTS FOR THEIR REPLIES.

IF THE PROPERTY IS NOT MORTGAGED WITH THE BANK OR ANY OTHER AGENCY, WILL THEY HAVE ANY RIGHT TO INCLUDE THIS PROPERTY TO RECOVER A DEFAULT IN PAYMENT.

CAN THEY INCLUDE ME OR MY OWN PROPERTIES IN ANY MANNER.

SHOULD I GET IT IN WRITING FROM MY SON ABSOLVING ME OF HIS FUTURE BORROWINGS.

IF SO HOW SHOULD THAT WRITING BE ,
AS A STAMPED DOC OR ANYTHING ELSE

Sailesh Kumar Shah (Expert) 27 December 2011
Your liability is nil. However, property owned by you and your son could be affected upto your son's share.

Deepak Nair (Expert) 28 December 2011
agree with experts. You have no liability. But the share of your son in the property may be affected.

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