guarantee

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 August 2010 dear friendzzz

I have a querry...
I m giving an example. Please give ur views
A takes a Loan of Rs 150,000 from a bank in 1999. This is Loan against hypothecation of Asset as well as there are two Guarantors P & Q.
Installment per month was Rs 3500/mnths.
A regularly paid installment for 2 years. After that he stop repaying the installment. He changed his place of business and bank as well as guarantor were not known about where he is, since than.
In 2003 bank filed a decree against him to recover the balance amt with interest..
but guarantors were not at all informed about this..

the matter was halted for 2010... now bank awake from a long sleep and sent an intimation with a copy of the decree to guarantors mentioned that 3 prayers.
1) either loanee or guarantor or all three pay the remaining amt with interest.
2) or the hypothecated asset will be sold and amt will be recovered.
3)or matter will be pending to high court decision..

Please tell me if bank grant loan against hypothecation than wat r the banks norms for verification of the asset, renewals of documents, and other norms..

PLEASE REPLY ASSUMING FROM THE SIDE OF ONE OF THE GUARANTOR.
IF U WERE THE GUARANTOR.. HOW CAN IT BE DEALED WITH, SO THAT THIS LIABILITY CAN BE ESCAPED.

Querist : Anonymous

Querist : Anonymous (Querist)

30 August 2010

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