Owed money but passed away

[User_3ebb4b8b]

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User_3ebb4b8b
PARTICIPANT
January 13, 2025 at 6:44 pm

A sub dealer bought construction items from my store for certain lakhs, they were a regular sub dealer so we gave credit, but they closed the business due to losses and never paid back so I got a signed promissory document/deed , a promissory note and a blank cheque from him, but now he passed away what are my options?

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[Bravenupur8528]

B

Bravenupur8528
PARTICIPANT
January 13, 2025 at 6:59 pm

Heirs are liable to pay liabilities of parents FROM the estate left to them.

Meaning if the children inherited any property, Wealth etc from father, then they must pay the liabilities of father also FROM said wealth inherited.

This is the provision in laymen terms. Consult a good lawyer for preparing paperwork.

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[Luckyishant8759]

L

Luckyishant8759
PARTICIPANT
January 13, 2025 at 7:06 pm

Debts will be settled against the estate of the deceased.

Basically, you should be able to recover any dues from the whatever assets they owned at the time of death and the remaining will go to their heirs. Contact a good lawyer.

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[Fierceanirudh9723]

F

Fierceanirudh9723
PARTICIPANT
January 13, 2025 at 7:34 pm

Recovery suit against the estate of the deceased.

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