BANK GUARANTEE

This query is : Resolved

Guest

Guest (Querist)

30 June 2008
IS IT POSSIBLE TO TAKE LOAN AGAINST BANK GUARANTEE LYING WITH US.

BANK GUARANTEE IS TRANSFERRABLE OR NOT.

WHAT IS THE PROCEDURE FOR ENCASHMENT OF A BANK GUARANTEE.

IS THIS POSSIBLE FOR ISSUING BANK TO TRANSFER HIS LIABILITY TO ANATHER BANK REGARDING BANK GUARANTEE ISSUED BY HIM.

REGARDS

RAJESH

Satish K Sekhar.ACCA

Satish K Sekhar.ACCA (Expert)
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30 June 2008 1.It is not possible to take loan against bank guarantee, the reason being the BG is infavour of you. If you can manage tto provide a BG in favour of the bank who is lending money, then it may be possible.

2.Bank guarantee is not transferrable
3.You can revoke the BG by sending the original BG to the issuing bank under your covering letter requesting the bank to issue a demand draft for the sum equal to the amount of BG in favour of you.

The issuing bank cannot transfer their liablity to another bank.

Taranjit Singh

Taranjit Singh (Expert)
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03 October 2009 Hello, is this an old query still pending?????? plz send me a PM if yes.....

Taranjit Singh

Taranjit Singh (Expert)
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03 October 2009 Hello, is this an old query still pending?????? plz send me a PM if yes.....

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