Nigeria | Banking Law
7/06/09, 8:40 am
Legal Question
Liability of a guarantor
At what point is the guanrantor to a loan becomes liable for the repayment of the loan guaranteed?
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7/06/09, 10:16 am
Legal Answer
Re: Liability of a guarantor
A guarantor for a loan agrees to stand in the stead of the Debtor in the event the Debtor defaults on the loan, consequently, the issue of a loan guaranteed would only be triggered when the Debtor fails to meet his/her obligation at the time the debt is due. I hope i have been able to answer your question.
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Bloomfield (Advocates & Solicitors) 5 Adeyiga Street, Ikosi Lagos, NUS 21154
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