Legal Question in Banking Law in India
Guarantor's Liability
Hello,
My father stood guarantor in my uncle's loan and my uncle is not tracable. In such case my father does not have any property on his name. As my father is retired now he is having no source of income and does it comes in my liability too to pay off that loan? Please help me from this situation and also guide what should my father do? To fill bankrupcy would be vaiable in such conditions to get rid of this case.
6 Answers from Attorneys
Re: Guarantor's Liability
No, its not your liability to pay the loan. They can only proceed against your father.
Re: Guarantor's Liability
question of your liability to pay loan does not exist. They may not proceed against your father if your uncle is traced out or he has any property.
Re: Guarantor's Liability
The guarantor is liable equally with the borrower. Bankruptcy may help.
Re: Guarantor's Liability
Since, your father stood as a guarantor. He can withdraw his guarantee for all subsequent installments. Though, he would be liable to pay the amount already overdue.
Re: Guarantor's Liability
Since, your father stood as a guarantor. He can withdraw his guarantee for all subsequent installments. Though, he would be liable to pay the amount already overdue.
Re: Guarantor's Liability
Since, your father stood as a guarantor. He can withdraw his guarantee for all subsequent installments. Though, he would be liable to pay the amount already overdue.
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