Liability of legal heirs when father dies
Dear Sirs,
we are a family of 5 members. Father, Mother, Myself(son married), brother (unmarried) and sister (unmarried). My father died in the month of July, 2016. Later we come to know that we have debts to the tune of Rs.16 lacs by way of executing promissory notes.
My father and my mother together owns an apartment which is a joint property (50:50) mortgaged to bank towards Housing loan.
Out of the lenders to whom we need to pay, there is a financier from whom my father has taken a sum of Rs.1 lakh in 2012 for Rs. 3/- interest rate and my father executed 2 BLANK promissory notes (only signed) and 2 cheques. My father also repaid an amount of Rs.1,18,000/- till 2016.
After my fathers death, the financier is telling that the sum of Rs.1,18,000 is only towards interest and the principal amount is still existing. Ans also he is threatening me that he will file a case against me for the recovery of money by filling false amount for Rs.5 lacs and attach the apartment where my mother stays towards his claim.
My question is whether we are liable for my fathers debts?
My fathers share in the apartment is not yet shared by us as of now.
Please guide me what precautionary things/steps I can take from my side to safeguard my family from the Blank Promissory Notes.
Asked 8 years ago in Civil Law
