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Amit K (Executive)     27 April 2018

Protection of inherited property against personal gaurantee

My mother owns a few properties with clear title under her sole name. I am the only child and I have lost my father 25 years ago. I am married  and we don’t have children nor intend to have any children. 

I am involved in business and own a private limited company which has a bank loan. Myself and my wife have given our personal guarantee for the loan. Due to a huge loss, our business loan has become an NPA with the Bank. I shall not be in a position to repay the bank loan. It is certain that in a few months’ time the bank shall enforce my personal guarantee. But neither myself nor my wife have enough assets to cover the full bank loan.  

Simultaneously my mother is suffering from cardiac issues and is very sick.  In case of death of my mother, due to her old age, the said residential property shall get transferred to my name. In such a scenario, the bank shall confiscate this property to recover their dues and we shall be without a home.

Is there any way we can avoid the above. Can my mother draw up a will and ask for transfer the property, after her death, to another company/ firm / trust which, even though owned by us, cannot be attached against our personal guarantees.  Let me know the best solution to above. 



 5 Replies

Siddharth Jain   27 April 2018

You own a company. I think you can set up an appointment with an advocate for consultation. This forum is for people who do not have have means to pay for legal advise.
P. S. No offences intended to you.

Kumar Doab (FIN)     27 April 2018

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Bhargava S.K. (Legal Practitioner & Vice Chairman HRIDAI)     14 May 2018

Dear Friend 

You are advised to go through Married Women Property Act. Further the property going to be inherited shall be a HUF Property which cannot be subject to any attachment against a personal debt.

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