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S Krishnan (Consultant)     08 December 2011

Cheque bounce and stamp paper bond proceedings

Hi,

My father has borrowed money from his friends and money lenders for business, however it failed and ran into losses and he couldnt repay them due to his sudden demise. He has given blank signed cheques of himself and family (wife, son and daughter) along with blank stamp papers signed as surety for the money.

It has been almost 10 years now and not sure what would be proceedings, however we are clearing most of them by ourselves (children) through a lawyer who is getting the papers back and getting a clearence letter from them.

I want to know whether the cheques and bond papers are valid for a loan taken by him and he being not anymore? eventhough our cheques and bond papers are still there!



Learning

 6 Replies

Shonee Kapoor (Legal Evangelist - TRIPAKSHA)     08 December 2011

No they are no longer valid.

 

But you must repay the debts.

 

Regards,

 

Shonee Kapoor

harassed.by.498a@gmail.com

1 Like

S Krishnan (Consultant)     08 December 2011

Thank you Shonee. definitely we are repaying it and its just that we need sometime before somebody harass us or take criminal actions against any one of us which will result in we not being able to repay


You meant no longer valid for my dad's signed papers, however they have taken additional security as mine, sisters, brothers and my mothers cheques and promisory notes- what about them?

Shonee Kapoor (Legal Evangelist - TRIPAKSHA)     09 December 2011

Promissory notes would be valid, but not chques.

 

 

Regards,
 
Shonee Kapoor
harassed.by.498a@gmail.com

Yam Raj @ PBI (Social Reformer - www.publicbureauofinvestigation.in)     10 December 2011

I agree with Shoneeji.

 

Krishnan...... You should repay the loan amount as per your capabilities. You have the moral responsibilities of your demise father's debt to return.

 

Thanks

Shonee Kapoor (Legal Evangelist - TRIPAKSHA)     10 December 2011

Negotiate with the lenders, they would be more interested in getting back their money, rather than sending you all to jail.

 

 

Regards,
 
Shonee Kapoor
harassed.by.498a@gmail.com

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer)     13 December 2011

You may be morally responsible for the debts of your late father. But your legal responsibility will be limited to any property that you and other family members may have inherited from your father. Of course you are liable for any surety or promissory note that you may have signed. In any case all are limited for periods specified in the Law of Limitations.


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