Defending not liable to any of father debts
Querist :
Anonymous
(Querist) 23 October 2011
This query is : Resolved
Dear Lawyers, I working in an IT industry and my father is doing the business at my hometown. He took so many loans from banks, kept his estates (including his inherited properties from his parents) in mortgages and loans nothing is left and i came to know that through his contacts he is trying for more loans and he got it. He is not telling to any one where what happened to that money including my mother and his mother too. Is there anything i can do in this part?.
So only thing i would like safe all my estates from him which i have earned through my job by paying EMI's and would like defend that "i not liable to any of his debts" if he is alive or deceased. Can you please provide some guidance on this. I am really afraid of future and i am married having kids.
adv. rajeev ( rajoo )
(Expert) 23 October 2011
Your father cannot touch your self acquired property. But being a legal heir of your father ( in case of death of father) you all legal heirs of your father are liable to pay the debts of your father.
Guest
(Expert) 23 October 2011
apart from above execute a registered release deed from the family of your father. there after whether he is alive or dead you will have no such liability.
Querist :
Anonymous
(Querist) 23 October 2011
Can you please provide more details are on "registered release deed from the family of your father". How to get this.
Shailesh Kr. Shah
(Expert) 23 October 2011
I would like to slightly amendment in the answer of Adv. Rajeev that liable to pay the debts of your father upto inherited assets.
Guest
(Expert) 23 October 2011
I endorse the views of Shri Shailesh Kumar Shah.
Shonee Kapoor
(Expert) 23 October 2011
I agree with Ld. Shailesh Shah, that only the inherited assets can be used for paying off debts of your father.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
malipeddi jaggarao
(Expert) 24 October 2011
First of all, since you are not the co-obligant or guarantor for loans raised by your father, you are not liable to repay any loans taken by your father. No Bank will accept your self-acquired property as security for the loans given to your father.
Secondly, as experts clarified above you are liable to repay the debts of your father after his death only to the extent of share of inherited assets you got.
Thirdly, if your father proposes to mortgage the inherited property, it is not so easy for him to do so as the legal opinion on such properties will include a clause that all inheritants should jointly mortgage the properties. Only if it is self acquired property (including the property received by him by way of a will from his ancestors, he can do whatever he wants to do with it.
prabhakar singh
(Expert) 24 October 2011
My views in your matter are as follows:
1]whatever has been inherited by your father from his father that originally belonged to your grand father,all sons and daughters of your father has equal rights and your father can create loan for law full purposes as KARTA of family,but right to partition vested in you all can be enforced against him.
2]Whatever is your fathers'self earned property,he is free to enjoy as he chooses and no interference can be created by any of you as sons or daughters.
3]YOU OR ANY OF YOUR BROTHERS OR SISTERS CAN BE HELD LIABLE PERSONALLY FOR ANY OF DEBTS CREATED BY HIM NOR SHALL ANY PERSONAL PROPERTY WOULD BE AT PERIL TO PAY OR DISCHARGE HIS DEBTS.NOR WOULD THERE BE ANY PIOUS OBLIGATION TO DISCHARGE HIS DEBTS BY ANY OF YOU.
