Legal Question in Banking Law in India
Give case law showing Guarantor's Liability starts after exhausting Principal Borrower in Recovery Suit
Asked on 9/02/10, 2:03 am
2 Answers from Attorneys
J. Radhakrishnan
independent Practice
There is no case law for the position that guarantor's liability starts after exhausting the recovery efforts against the principal borrower. The liability of the guarantor is co-extensive with that of the principal borrower. The creditor can even without proceeding against the borrower in case the borrower defaults, proceed against the guarantor without proceeding first against the borrower.
Answered on 9/02/10, 6:02 am
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