There are three partners in a business. One of the partners is old and ill. The other two have proposed to buy his share.
Question
The one partner has agreed to sell his share in instalments over a period of 5 years. What is the Shar?ee ruling if the seller passes away before being fully paid? Is the purchase and sale agreement still binding or does the whole amount become due immediately on the death of the seller?
Answer
The heirs of the seller are bound to honour the purchase and sale agreement of paying in instalments made by the seller during his lifetime. (Shaami vol.4 pg.532;HM Saeed, Bahr al-Raaiq vol.5 ph.280; Rashidiyyah)
However, the purpose of such a deal should not be to deprive the heirs of the selling partner of their immediate right upon the death of the selling partner.
And Allah Ta'ala Knows Best
Mufti Ebrahim Desai
- Answered by
- Mufti Ebrahim Desai
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