What is the bank duty if the guarantor dies after being guarantee for some others loan
Asked on 3/07/10, 5:19 am
2 Answers from Attorneys
J. Radhakrishnan
independent Practice
If there is default by the principal borrower of the loan guaranteed by deceased guarantor, the bank should issue notice to the legal heirs of the deceased guarantor that they have to pay the loan out of the assets, if any,of the deceased in their hands and they not satisfying the debt file a suit against borrower and legal heirs of guarantor, seeking personal decree against borrower and against the assets, if any of the late guarantor in their hands.
Answered on 3/07/10, 6:00 am
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
The legal situation is clearly explained in the above advice.
Answered on 3/07/10, 8:47 am
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