Legal Question in Banking Law in Nigeria
Liability of a guarantor
At what point is the guanrantor to a loan becomes liable for the repayment of the loan guaranteed?
Asked on 7/06/09, 8:40 am
1 Answer from Attorneys
Kunle Obebe
Bloomfield (Advocates & Solicitors)
Re: Liability of a guarantor
A guarantor for a loan agrees to stand in the stead of the Debtor in the event the Debtor defaults on the loan, consequently, the issue of a loan guaranteed would only be triggered when the Debtor fails to meet his/her obligation at the time the debt is due. I hope i have been able to answer your question.
Answered on 7/06/09, 10:16 am
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