effect of death of principal debtor on contract of guarantee
Devivaraprasad Royal 20 August 2018
effect of death of principal debtor on contract of guarantee
kirti kabra 20 August 2018
If the principal borrower dies, Bank can proceed against his estate only, the legal heirs of the principal borrowers are not personally liable to discharge the debt borrowed by principal borrower. I am of the opinion that the limitation period for the recovery of money is three years.
Devivaraprasad Royal 20 August 2018
Kumar Doab (FIN) 21 August 2018
The lender can proceed to recover from estate of deceased borrower, co-borrower, guarantor, sureity, legal heirs per facts of the matter..
If there have been life insurance policies in the name of borrower or one attached with loan to cover the debt use the same to set off the debt.
Look into 3Y from each advance made, admission of debt, and in case of waiver of default the date on which last installment was payable…
Kumar Doab (FIN) 21 August 2018
On isues on liability of legal representatives and limitation go thru applicabl enactments and some judgments also and relate with your matter;
e.g;
THE LIMITATION ACT, 1963: 18, Article 37
Delhi High Court
Kamal Gupta vs Bank Of India on 1 November, 2007
Equivalent citations: AIR 2008 Delhi 51
Author: M Sharma
Bench: M Sharma, S Khanna
Delhi District Court
21 vs Sh. Darshan Singh (Deceased) on 14 July, 2009
Author: Sh. Rajiv Mehra
Punjab-Haryana High Court
Official Liquidatior, Punjab ... vs Mohan Lal And Anr. on 27 September, 1977
Equivalent citations: 1978 48 CompCas 271 P H
Author: H Lal
Bench: H Lal
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