A trust which had offered a guarantee for a loan granted by the bank and executed necessary guarantee agreement did not contain power to stand as guarantee in its trust deed. On noticing this the trust deed was amended so as to confer power on the trust to stand guarantee also. Now the question is whether the said amendment would validate the guarantee given earlier. Can the guarantee taken be validated by now taking a ratification from the trust or a fresh guarantee agreement is to be taken from the trust
Asked on 2/18/10, 7:51 pm
1 Answer from Attorneys
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
Let the lender decide.
Answered on 2/19/10, 3:57 pm
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