Legal Question in Banking Law in India
What is the meaning of getting subrogation Rights from a Bank by a guarantor on a mortgage property?
Asked on 4/04/11, 5:52 am
1 Answer from Attorneys
J. Radhakrishnan
independent Practice
If the guarantor discharges the loan he has guaranteed, he will step into the shoes of Creditor bank and is entitled to all the security the Bank held on account of the principal debtor. That is called subrogation of the guarantor to the creditor's right. He can file the suit on the debt and enforce the mortgage against the principal debtor.
Answered on 4/04/11, 1:53 pm
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