Bank loans done by the brother who died
Nanjunda
(Querist) 08 September 2017
This query is : Resolved
Sir with reference to my querry dt 5.9.17, we have received the notice from the bank that we the mother ,brother and my wife are the legal heirs of my dead brother and asked for the loan payment which was done by my brother which was done for his own individual bussiness so what we should do for the same, and also my widowed mother had a house which was purchased in the year 2006 in her name and now she is intend to gift the house to my name or my wife of my minor daughter please help me for the same that the gift can be made and also is there any liabality for my mother by my brothers wife or his 1 month old son please clarify
Nanjunda
Sudhir Kumar, Advocate
(Expert) 09 September 2017
what were assets of deceased.
who got these assets.
whether these assets are more or less than liability.
Adv. Yogen Kakade
(Expert) 09 September 2017
if the property is purchased by your mother then it is her self acquired property, hence, she can gift the same property to you or anyone she wishes to.
Kumar Doab
(Expert) 09 September 2017
If you wish or want you can negotiate and pay the loan/debt of your family member.
Kumar Doab
(Expert) 09 September 2017
Or if you feel otherwise; for notice by bank you may approach your own very able LOCAL senior counsel of unshakable repute and integrity specializing in such/banking/civil matters and having successful track record.
Kumar Doab
(Expert) 09 September 2017
It is believed that you are all Hindu.
Which loan is it; secured, unsecured?
Was any insurance policy related to loan taken/assigned?
If it is secured bank/lender might appropriate it.
Confirm!
Kumar Doab
(Expert) 09 September 2017
Has your brother (borrower) left any estate?
Has he left any surviving ClassI legal heirs i.e; Mother ( as per post yes), wife ( as on date of death), sons, daughters.
The lender/bank can claim/charge the estate left by borrower.
Rajendra K Goyal
(Expert) 09 September 2017
You or your wife are not legal heirs of your deceased brother. Mother is liable to pay only if she has inherited property from the deceased.
Reply the notice through some experienced lawyer.
Kumar Doab
(Expert) 09 September 2017
Banks are custodians of public money.
All of you can decide to pay the debt of your family member.
Banks are accommodating in such matters and may even agree to EMI.
Let your own counsel specializing in such matters examine all docs and advise you.
Kumar Doab
(Expert) 09 September 2017
Delhi High Court
Kamal Gupta vs Bank Of India
14. The said section therefore clarifies that reference to mortgagor and mortgagee would include persons deriving title from them. A conjoint reading of the aforesaid provisions of the Contract Act, 1872, Transfer of Property Act, 1882 and the Act make it clear that the word 'borrower' as defined in Section 2(f) would mean the original borrower and after his death his legal representatives. The legal representatives to the extent they have inherited the estate from the deceased become a 'borrower' for the purpose of Section 2(f) of the Act.
https://indiankanoon.org/doc/1790219/
J K Agrawal
(Expert) 10 September 2017
detail answered by Mr Kumar
Kumar Doab
(Expert) 10 September 2017
Thanks for agreeing Mr. J.K. Agrawal.
Kumar Doab
(Expert) 10 September 2017
Hope there is NO charge that house in the name of Mother was purchased with deceased borrower's money.
The Mother being title holder/owner can act like owner and dispose the property by a valid deed.
Rest discuss amongst your family with your LOCAL very able counsel as already posted.
