Legal Question in Banking Law in India

Hello Sir,

I would like to know Gaurantor's Laibility in case of loan taken from co .op. bank (already gone in liquidation). Also let me know whether gaurantor's child are laible to pay the debts? Gaurantor does not have any property on his name.

Thanks


Asked on 6/15/10, 8:41 am

1 Answer from Attorneys
J. Radhakrishnan independent Practice

guarantor is as much liable as the principal debtor. In case the guarantor is dead, the creditor can file a suit against the legal heirs of the guarantors who are not personally liable but seek a decree on the assets, if any, in the hands of the legal heirs. If the guarantor has not left any property, the creditor cannot claim anything from the guarantor's heirs.

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Answered on 6/15/10, 11:23 am


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