Legal Question in Business Law in Pakistan
Can a guarantor of a loan who assures verbally of the repayment of the loan be held liable in default of payment in a law court. Can he be compelled to pay the amount if the true debtor absconds. Please guide. If yes, under what provisions he can be pursued?
Asked on 1/05/11, 7:21 am
1 Answer from Attorneys
No.
No value of such assurance if u deny rt now.but I am wonder to whom u did this. I hv no experience that a bank took a such verbal guarantee. ?
for more info plz consult me at [email protected]
Answered on 1/06/11, 9:47 am
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