Dear Experts,
What is the right of the lender of secured business loan if the borrower dies before repayment of such loan? Is there any relief available for the spouse or family of the deceased borrower?
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What happens to business loan when a borrower dies?
Replies (2)
Collateral and properties on the deceased persons name will be ceased
I don't think any relief is provided in the re-payment of loans. The amount needs to be paid or else the collateral would be ceased by bank
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