Legal Question in Banking Law in India
a person availed hl in individual status on portion of his share in the parental property with the other members as guarantors. there after the family members registered a partition deed according to their share in the property now the person intended to avail topup loan of his own. is it necessary to take the other members signatures again on guarantee agreement
2 Answers from Attorneys
1) The guarantee is limited to the extent of first loan.
2) Yes. For second loan the guarantors have to sign again.
04.07.2016
Dear Sir / Madam,
No, If the property is physically partitioned with each member getting a specific portion of it there is no need for all the other member's signature on the guarantee agreement, otherwise if the property is not physically partitioned, all other member's signature is required.
Regards,
Related Questions & Answers
-
Can bank take physical possession after taking symbolic possession. Effecting right... Asked 7/02/16, 8:03 pm in India Banking Law
-
My father died on 08/12/2013.he was working canara bank permanent staff may I... Asked 7/01/16, 8:58 am in India Banking Law
-
Limitation of time for which any property/ies Under SARFAESI Act 2002 may be... Asked 7/01/16, 7:38 am in India Banking Law
-
Sir, I have taken 50000 from one person say x and given him 10 chq and told to... Asked 6/30/16, 9:59 pm in India Banking Law
-
Sir i deposited cheque in my account.but my account was not credited...but payees... Asked 6/30/16, 8:33 am in India Banking Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
