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Querist : Anonymous

Querist : Anonymous (Querist)

29 July 2012 What is the liability of a guranter of a loan
example : i am a guranter in a personal loan taken from nationalized bank by my friend now his a/c is going NPA than i recd a notice from a advocate of bank in that the giving me a time of 10 days for repayment of loan other wise they file a suit against me and borrower
than i want to know that how much my liability is create when the borrower is alive and in approach of bank

Amol S Joglekar

Amol S Joglekar (Expert)

29 July 2012 To the tune of guarantee extended by you (Normally full amount) The courts have a choice, to selct the one out two if any on priority basis.

Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2012 if there is two guaranter

Amol S Joglekar

Amol S Joglekar (Expert)

31 July 2012 Although courts go serially, but it can not be taken as precedent. The serial in which guarantors have signed the bond may be held immaterial by courts. The principle is RECOVERY.

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