Legal Question in Banking Law in India
my nephew obtained loan for business fron a bank. He obtained my signature as gaurantor now he has not repaid the loan what are my liabilities and defences
Asked on 12/11/09, 12:25 am
2 Answers from Attorneys
your liability is to produce him before bank and recover the money from him else u have to pay the total amount being guarantor.
Regards
Answered on 12/11/09, 11:04 pm
J. Radhakrishnan
independent Practice
As guarantor u r liable as the princial debtor. Pay up the amount and claim from the borrower.
Answered on 12/13/09, 9:53 am
Related Questions & Answers
-
A house is situated in such a manner that major part of the same is on the wifes... Asked 12/08/09, 7:46 pm in India Banking Law
-
I propose to buy a property in india. The seller is a NRI and in USA and he has... Asked 12/08/09, 3:36 am in India Banking Law
-
The Bank has in the schedule of the demand notice issued under SARFAESI Act... Asked 12/04/09, 12:26 pm in India Banking Law
-
Under the SARFAESI Act, any personal guarantee by a promoter director, who had long... Asked 12/04/09, 3:10 am in India Banking Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
