Caclubuser (Accountant) (98 Points)
12 June 2021Dear 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?
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 13 June 2021
Collateral and properties on the deceased persons name will be ceased
Prachi Bansal
(3124 Points)
Replied 15 June 2021
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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