Legal Question in Banking Law in India

What is the bank duty if the guarantor dies after being guarantee for some others loan


Asked on 3/07/10, 5:19 am

2 Answers from Attorneys
J. Radhakrishnan independent Practice

If there is default by the principal borrower of the loan guaranteed by deceased guarantor, the bank should issue notice to the legal heirs of the deceased guarantor that they have to pay the loan out of the assets, if any,of the deceased in their hands and they not satisfying the debt file a suit against borrower and legal heirs of guarantor, seeking personal decree against borrower and against the assets, if any of the late guarantor in their hands.

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Answered on 3/07/10, 6:00 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

The legal situation is clearly explained in the above advice.

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Answered on 3/07/10, 8:47 am


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