Legal Question in Banking Law in India
My property is mortgage against my friends OD facility . my friend's home is also mortgage. Now i want to withdraw myself as a guarantor for that od used by my friend that is 25 Lcs.
The property of my friends valuation is revised by the bank and it is higher than the 25 Lacs. so i dont want to be guarantor for the next term. i have also submitted the letter to the bank not to revise my guarantee and they have accepted.
now the problem is bank refusing to give me my property agreement back what should i do pls. help me.
Asked on 4/12/12, 12:10 am
2 Answers from Attorneys
Santosh Dash
Legal Consultant
"Revise guarantee" means what? Has they given any letter terminating your guarantee? I dont think so
Answered on 4/12/12, 1:06 am
Aniruddha Pawse
Aniruddha.P.Pawse Advocates
Take a letter from Bank terminating your guarantee and afterwards ask them for agreement.
Answered on 4/12/12, 5:01 am
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