Legal Question in Credit and Debt Law in India
Non-payment of of loan by a Member to Thrift & Credit Society
I am one of the four Sureties for a member who had taken loan from a Thrift & Credit Society. What is my liability to withdraw myself from the case ?
2 Answers from Attorneys
Re: Non-payment of of loan by a Member to Thrift & Credit Society
You may withdraw as a surety for the loan if the lender accepts an application from borrower and/or other sureties discharging you from the liability.
Re: Non-payment of of loan by a Member to Thrift & Credit Society
Usually sureties are classified as first,second,third and so on.Your liablity would depend on what position you stand.For instance if you are a third surety then your liabilty would be after the first two persons or subject to the rules of the society that lent the laon.
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