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 ?


Asked on 6/24/09, 7:58 am

2 Answers from Attorneys

Sudershan Goel India Law Offices of Sudershan Goel - Advocate

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.

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Answered on 6/25/09, 12:43 am
Rohini Kumar Tenneti R.K.1080 LEGAL SERVICES

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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Answered on 6/24/09, 11:20 am


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