Legal Question in Banking Law in India
My dad has put surety sign for two persons some 8 years ago unknowingly. Those two got retired without paying the loan they got from co-oerative bank. Now the bank people are deducting money from my dad's retirement money. any ways to sort this problem.
Asked on 5/28/15, 12:06 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
28.05,2015
Dear Sir / Madam,
The Bank has to first recover the outstanding amount on the loan from the provident fund and retirement dues of the original borrowers, before exercising recovery option from your father as the guarantor. Your father should issue a notice to the Bank to pursue the recovery from the borrowers.
Regards,
Answered on 5/28/15, 12:53 am
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