Loan account
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 March 2014
To get finance for working capital, Commom collateral is mortaged to a bank. Can bank ask for both the firm has to give each other the personal guarantee for availing the facility due to loan default to any one account .
19 March 2014
if the collateral property belongs to the partners in both firms then bank is justified in asking for personal guarantee of all partners
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