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Harrasment of recovery officer for mother's liability

(Querist) 23 June 2018 This query is : Resolved 
HI MEMBERS

I WOULD LIKE TO KNOW IF MYSELF & MY WIFE IS LIABLE FOR A LOAN TAKEN BY MY BROTHER AND MOTHER FOR BUSINESS PURPOSE (PVT LTD CO.) FROM CO-OP BANK. THE LOAN WAS TAKEN BY PROVIDING MORTGAGE OF FAMILY PROPERTY AND GUARANTOR WAS A FREIND. CO-LATERAL SECURITY WAS GIVEN AS FRIENDS PROPERTY.

BANK FILED A RECOVERY CASE 3 YEARS AGO AND RECENTLY BANK WAS ABLE TO SELL THE FAMILY PROPERTY LESS THAN THE MARKET RATE AND RECOVER 75% OF THE LOAN AMOUNT. GURANTORS PROPERTY BANK IS STILL NOT SOLD BY BANK.

NOW MY MOTHER EXPIRED AND BANK HAS ISSUED ATTACHMENT NOTICE ON MY WIFE'S PROPERTY WHICH IS INHERITED FROM HER PARENTS AND IS IN THE NAME OF WIFE & HER SISTERS JOINTLY. EVENTOUGH I AM STAYING THEIR I AM NOT A LEGAL ENTITY OF THIS PROPERTY.

CAN THE BANK ATTACH MY WIFE'S PROPERTY FOR NO FAULT OF US? WE ARE NOT LIABLE IN ANY MANNER AND NO DOCUMENTS HAS BEEN SIGNED BY US OR GIVEN GUARANTEE FOR THE LOAN TAKEN BY MY BROTHER AND MOTHER. PLEASE COULD YOU HELP ON THIS TO SOLVE THIS ISSUE. I WOULD BE GRATEFUL FOR YOUR REPLY.

Guest (Expert) 23 June 2018
Your wife's property cannot be attached against loan taken by your brother and mother. You may give appropriate reply to the notice through a lweyr and also contest effectively, if the bank files a case against your wife.
Guest (Expert) 23 June 2018
Your wife's property cannot be attached against loan taken by your brother and mother. You may give appropriate reply to the notice through a lweyr and also contest effectively, if the bank files a case against your wife.
K Rajasekharan (Expert) 23 June 2018
No recovery is legally possible from someone's property on the ground that the person is related to the defaulter.

If the facts given by you are true the bank cannot recover its dues from your wife's property.

But if your wife had signed some documents about which you are unaware of right now, it is quite possible for the bank to take action on the basis of it.

Kumar Doab (Expert) 23 June 2018
Agreed..
As suggested above you may ask your wife if she signed any document.
Kumar Doab (Expert) 23 June 2018
IT shall be appropriate to get proper legal opinion from a very able LOCAL senior counsel of unshakable repute and integrity specializing in property/civil/DRT matters and well versed with LOCAL applicable rules/laws and having successful track record…. and worth his/her salt , for a considered opinion and also to draft suitable reply to the said notice..


Ms.Usha Kapoor (Expert) 24 June 2018
I agree withRaja Sekharan.
Ms.Usha Kapoor (Expert) 24 June 2018
I agree with Raja Sekharan.
Ms.Usha Kapoor (Expert) 24 June 2018
I agree with Raja Sekharan.
Ms.Usha Kapoor (Expert) 24 June 2018
I agree with Raja Sekharan.
Asgher Mahdi (Expert) 24 June 2018
In your instant case, wife property cannot be questioned and attached by Bank unless there is no interest directly or indirectly over the property in questions.
Ms.Usha Kapoor (Expert) 25 June 2018
I agree with Raja Sekharan.
Ms.Usha Kapoor (Expert) 25 June 2018
I agree with Raja Sekharan
Ms.Usha Kapoor (Expert) 26 June 2018
I agree with Raja Sekharan.
Kumaran (Querist) 27 June 2018
Thank you so much for your replies Shri Dhingra , Shri Rajasekharan , Shri Kumar Doab , Ms.Usha Kapoor , Shri Asgher Mahdi.

In continuation i have another property in my wife's name (which originally was in my name for almost 8 years and about a year back i transferred the property to my wife vide gift deed executed in her favour) This property was funded by me. At the present conditions Bank has taken my name as defaulter since Iam one of the legal heir of my mother.

I have a question can the bank attach this property against the loan taken by my brother and mother where i am not a gurantor and neither i have signed any papers towards their loan.

I would appreciate your reply a.s.a.p. Thank you once again for your help
Sudhir Kumar, Advocate (Expert) 14 July 2018
you may met a lawyer near you with all papers.
Guest (Expert) 14 July 2018
Well Advised by Mr.P.S.Dhingra. Discuss with an Advocate in detail.


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