Legal Question in Banking Law in India
my brother in law is guarantor in my pmry loan in 2000.after 2006 i could not deposit my installment.loan amount is 95000rs i paid 88000 till 2006.this time banker presuriesed my guarantor to repay ammount 20000.there are no revision or paper till present date.i when the guarantor;s paper expaire?what is libility of guarantor?
Asked on 12/29/10, 4:23 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
Liability of guarantor is co-extensive with that of the debtor. As long as the debt is alive, the guarantor is liable.
Answered on 12/29/10, 6:19 pm
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