Legal Question in Banking Law in India

My father is the guarantor of a term loan(44 lakhs) taken by my uncle's comapany in 2005. My father has kept his property as cllateral security for the same loan. 1-As a guarantor can my father ask for all the documents of terms and conditions of loan from the bank ?2-Can my father revoke the guarantee?3-How can we get our property back? We have come to know that the person for whom my father has given guarantee ,is big fraud.What are the rights of a guarantor? Bank is not ready to show any of the document.


Asked on 7/02/10, 1:22 am

2 Answers from Attorneys
J. Radhakrishnan independent Practice

Your father can demand copies of documents alleged to have been executed by him. If Bank refuses , he can complain to RBI. Your father cannot revoke the guarantee as it was given for the term loan already disbursed. Only by paying the debt guaranteed by your father, he can get back the property.

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Answered on 7/04/10, 8:46 am
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

While the documents may be demanded, the guarantee may not be revoked.

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Answered on 7/04/10, 9:40 am


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