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HMy friend has asked to borrow ₹10 L for 7 months and has offered to provide signed blank cheques as collateral. However, he has health issues, having suffered 2 heart attacks in the past. If something happens to him, would I be able to recover the loan amount using those signed cheques? He has a son over 24 years old who is financially stable, but I don’t trust his son due to limited interactions with him.
Can someone provide a legal opinion on this matter? -
ENot a lawyer
Make sure you send the amount in online transaction and in the amount type/comment write it as a loan
I have read about previous case in which the loan was given in cash and payment was done online. Then the person filed a police complaint that he gave loan to the person and showed online transaction as proof.
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RNot a lawyer, but been an entrepreneur for long.
From what I know (and any professional legal consultants can check me on it),
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When a person passes away, the relationship between the bank and the deceased is considered terminated, as soon as the next of kin notifies the bank. As such, any cheques issued by the deceased will be dishonored by the bank.
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You’re parting with a considerable sum.
Please ensure you include the son, as a cosigner and make a proper registered loan agreement that outlines the debt, mention the cheque number (the one you write to them), the date, the loan amount, the provisions in case of default and/or death and repayment terms.
There have been too many cases where parents have taken loans for their children, passed away and the children have outright refused to honor the debt. Even when having been in the know.
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RAdvocate here. You can add a clause in the agreement that debtor’s legal heirs will be made liable for the repayment of loan in such a situation.
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