“Antecedent debt” means a debt which is prior in time as well as in fact.
Pious meaning religious, and under the doctrine of pious obligation, an expectation is casted on a son to repay his father's loan and debts from the part of the ancestral property he holds under a religious duty towards his religion. ...
Avyavaharik debts
incurred by father which are Avyavaharika. Colebrooke translates it as "debts for a cause repugnant to good morals." Aparaka explains it as not righteous or proper. 2. The debts must be prior in fact.
1. Son is ,liable to pay the debt of father to the limit he receive inheritance from the father. ... You do not have to anything, court while ordering recovery of debt only attach the inherited property.
Family members, including spouses, are generally not responsible for paying off the debts of their deceased relatives. That includes credit card debts, student loans, car loans, mortgages and business loans. Instead, any outstanding debts would be paid out from the deceased person's estate.
The wife is liable for paying back of debts of the husband on the necessary items. The creditor can come after you for payment of these items only if your spouse doesn't have enough money to pay the debt and you do have enough money to pay the debt.
(1) A Hindu son is not personally liable to pay the debt of his father even if the debt was not incurred for an immoral purpose : the obligation of the son is limited to the assets received by him in his share of the joint family property or to his interest in such property, and it does not attach to his self- ...
In the absence of collateral, property seizure is also ruled out. The serving partner or legal heirs are only liable to the extent of assets inherited from the deceased person. In case there are no assets then the surviving spouse or legal heir have no legal obligation towards the lender.
A partition can be made by definite declaration of the intention by any member to separate himself from the family. If the partition is done after the declaration, it amount to be division of status, what type of mode is to be used for this.
What is Son's Pious Obligation? Under Hindu Law, the son of a deceased father has an obligation to discharge his father's debts out of his ancestral property regardless of any possibilities that he had not been profited by the debts, having debts is not avyavaharik.
Introduction. The head of the Hindu Joint Family also called the Karta or manager of the joint family occupies a unique position unlike any other member of the family. The senior most male member of the Hindu joint family is usually the Karta or head of the family.
"Antecedent" debt means antecedent in fact as well as in time. The debt must be independent of and not part of the transactions impeached. The debt may be a debt incurred In connection with a trade started by the father.
Pious obligation' means a duty of a Hindu male essentially, due to the deep devotion that he puts into his religion. Hindu law states that 'He who having received a sum lent or the like does not repay it to the owner will be born hereafter in his creditors house a slave, a servant or a woman or a quadruped'.
Father has the power to alienate the family property for the discharge of his antecedent debts, which not being immoral or illegal, the sons are under a pious obligation to discharge. The debt is antecedent. The debt should not be Avyavaharik i.e. for unethical or immoral purposes.
Personal loan/Credit card
If a person dies without paying his personal loan or credit card bill, the bank cannot ask the surviving members of his family or his legal heir to repay the loan. Since it is an unsecured loan, there is no such thing as collateral and hence the property cannot be attached.
Yes, the lender can take possession of the house under the SARFAESI Act, if the family or legal heirs cannot repay the outstanding loan. “The lender then auctions the property to recover its dues,” says Shetty. However, taking possession of the property is the last choice for the bank.
The relationship of father and son is covered under the definition of “specified relatives". So a father can give any amount of gift to his son without any tax implications for both. ... two lakhs in cash, he may become liable to a penalty equal to the amount of gift accepted in cash.
In case of death, the cardholder's family gets Rs 50,000. In case of loss of both limb or both eye or one limb and one eye, the cardholder gets Rs. 50,000.
No, when someone dies owing a debt, the debt does not go away. Generally, the deceased person's estate is responsible for paying any unpaid debts. The estate's finances are handled by the personal representative, executor, or administrator.
Your estate is responsible for any personal loans you acquired solely in your name, whereas any loans you borrowed with someone else will become that person's responsibility. Personal loans are unsecured, which means that your estate will repay them only after any secured debts have been satisfied.
Upon one partner's death, the surviving spouse may receive up to one-half of the community property. If there is no will or trust, then surviving spouses may also inherit the other half of the community property, and take up to one-half of the deceased spouse's separate property.
Deceased alerts are typically sent out by credit reporting agencies and communicated to various financial institutions. The purpose of the alert is to notify these institutions that the person in question has died so that they do not extend any new credit products to anyone applying under the deceased person's name.
Credit card companies may contact survivors after a death to get information such as how to contact the executor of the deceased's estate. However, they cannot legally ask you to pay credit card debts that aren't your responsibility.