Legal Question in Banking Law in India
Dear Sir,
My father (Guarantor) and his colleague (Borrower) worked in Tamilnadu Highways Department. My father has signed in the CO OP Society liability bond as a guarantor for the borrower on 2010. The borrower is absconding on 2011. My father died on 29.10.2014 . Now the bank send letter to the department for recover loan amount with interest in my father death benefits. The borrower still alive but, he is absconding. This is for your kind information. Hence I request you to kindly let me know your advice. Thanks
1 Answer from Attorneys
02.01.2015
Dear Sir / Madam,
If you are unable to trace the borrower, the Bank's loan obligation will have to be recovered from your father's "estate", since he remains the guarantor. So your inherent task to avoid this liability is to put in efforts to locate the borrower.
Regards,
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