Legal Question in Banking Law in India
Extent of liability of legal heirs in respect of personal Guarantees
Asked on 11/19/10, 1:36 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
They are liable to the extent of the guarantor's assets in their hands. The creditor can proceed against the assets only, if there are any. Otherwise legal heirs are not personally liable, though they will be impleaded in a suit filed by the creditor.
Answered on 11/27/10, 8:56 pm
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