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EIf a family member has taken a loan from some other person and has also executed a notarised stamp paper saying his heir or family will pay back in case he himself is not able to pay the loan.
The family was not aware of it and doesn’t agree to it. Is the stamp paper still hold good.
What is the way forward to nullify such condition? -
BThe contract is between 2 parties who agree for something. You cant simply have a generic contract where you can name anyone else responsible if you cant pay up.
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IA declaration/undertaking made unilaterally by one individual which puts duties/onus on the family or any third person, is not legally maintainable. What you explain here seems to be a form of guarantee. And guarantee is a tripartite contract. You need three parties. In your case it seems there are only two. One exception to the same is that it’s still possible to make a recovery by liquidating the self acquired assets of the said individual. Still, visit a local lawyer/advocate to better discuss the issue.
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ASuch a clause is void ab initio. However, the borrower’s estate is responsible for his debts. In case the borrower passes away without paying off the loan, his assets will first be used to discharge the loan before his heirs get anything.
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