Bank Liability: Free Legal Advice

Questioner

In 2004, my partner and I took out a mortgage loan from a bank for the construction of a new business premises, which was later rented to our own BV. In the course of 2012 I sold my share (50%) in the BV and half of the company building to my partner after disagreements between me and my partner and after legal proceedings I recently discovered that I am still personally liable for the loan taken out in 2004. The bank that was involved in this process from the beginning, at a certain point indicated that it would choose my brother-in-law to continue the company. At no point did she warn me directly that the private loan would continue. I myself was under the impression that my brother-in-law would have to arrange a new loan with security for the business premises. I sold it with all the benefits and burdens for the new owner. Can I hold the bank liable for not informing me of this? And can I claim an indemnity from the bank?

Lawyer

Good day, The bank has a duty of care towards its customers. It is not yet possible to say with certainty whether you can hold the bank liable. It depends on what has been agreed. If the bank has chosen your brother-in-law, this should indeed mean that the contract will be further served with him and you will be indemnified for this. You should generally be informed about this, without suffering any damage or disadvantage. More information is needed to give good advice. If desired, you can contact me directly for consultation without obligation and free of charge.

Lawyer

The question is whether the bank failed to meet its duty of care. That will have to be investigated further. You have seen what you agreed with your brother-in-law, a right of recourse (right of recovery) on your brother-in-law, if the bank should come knocking on your door. Please feel free to contact me for consultation.