Legal Question in Banking Law in
My employee has got home as well as car loan and now he is leaving my company. I am guarantor in both the loans. I want to withdraw my role as guarantor, is it possible, if so, how? Currently he is paying installments regularly, so no problem of repayment or default as on date. Please advice.
Asked on 2/02/11, 1:58 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
You cannot withdraw from the guarantee. Pl. watch that your ex employee pays off his EMUS, If he fails pay it , you pay it off and take over the securities from the Bank and take legal action by way of suit against him, seize the car and also bring his mortgaged house to sale
Answered on 2/02/11, 5:51 am
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