Legal Question in Civil Litigation in India
One of my friend took a personal loan in december 2006 for his child�s education for which I became the guarantor. the amount was rs. 1,50,000/-.
he paid instalments till june 2007. unfortunately, he died in july 2007 and the emi got discontinued. no communication from bank since then.
In december 2011, I get a summons from civil court against a civil suit filed by bank for recovery of said loan as his legal heirs didn�t pay the loan. they have been traced and the bank doesn�t do anything to make them pay the amount instead pressurizing me to pay the amount.
the suit was filed in April 2010.
I am told that as a guarantor, I do not have the liability as the loan is now time barred as the guarantee was not renewed after 3 years nor suit filed within 3 years.
what is my legal position?
Can you please send me soft copy of the above said rule so that I can file the same in the court.
1 Answer from Attorneys
pl read limitation act on net
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