Legal Question in Banking Law in India
My father had been taken 3 loans in a state cooperative bank for which he had 3 mutual guarantors but now my father had close all his loan but two loanees of which my father stood as a guarantor has defaulter from last three years but after sudden demise of my father bank will block all his retirement benefits aswellas death benefits.now what can I do .please suggest me some steps
Asked on 12/07/16, 7:40 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
08.12.2016
Dear Sir / Madam,
You should refer to the Agreement signed by your father as the guarantor. In effect, the guarantor remains liable to repay and settle the loan if and only if and after the original borrower(s) is declared insolvent by the Court.
Regards,
Answered on 12/08/16, 2:05 am
Related Questions & Answers
-
I hope i have a wrong credit in my account a couple of days back. My contact info is... Asked 12/05/16, 11:46 am in India Banking Law
-
I had given 85000 amount to one of my knowing person ,behalf of this he gave me... Asked 12/04/16, 5:38 pm in India Banking Law
-
Hello Sir, I'm Nandagopal, I have taken a loan amount of Rs 8lacks and so far I have... Asked 11/29/16, 10:22 pm in India Banking Law
-
My mother has saved around 30lakhs from past 10 years by way of chit fund runed by a... Asked 11/21/16, 12:49 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.
