Legal Question in Banking Law in India
co-op bank in maharashtra.my friend tken hyp.loan ,for the loan was signed as guarantor in 2002.next year he only paid interest and renewed same loan ,at that time ihave not signed as guarantor.in 2004 loan not paid and become defaulter ,bank send me notice and held me responsible for loan as guarantor.also co-op department of maharshtr govt.held me responsible.
what law says.
Asked on 8/30/10, 8:38 pm
2 Answers from Attorneys
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
yes, being a guarantor, you also equally liable to pay the debt.
Answered on 8/30/10, 10:37 pm
Aniruddha Pawse
Aniruddha.P.Pawse Advocates
if he fails to pay the loan you can be held liable.
Answered on 8/30/10, 11:09 pm
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