Legal Question in Banking Law in India
Hi, what happens if some one has taken a personal loan from national bank and dies due to unforeseen circumstances. How is the guarantor responsible for same. Can pension and gratuity dues of the actual borrower be attached if bank files a case against guarantor and make legal heirs party to it. Also are legal hier liable? Please reply
Asked on 8/11/14, 1:12 am
1 Answer from Attorneys
Guarantor is liable jointly and severally as soon as he pays the amount gets right to recover the same from borrower,pension and gratuity can be attached.guarantors legal hairs are not liable.
Answered on 8/11/14, 6:15 am
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