Sureties liability

Querist : Anonymous (Querist) 24 September 2011 This query is : Resolved
If the Principle debtor dies after being obtained a loan from bank. Can we prosecute through surety or garantee or we have to prosecute though the legal heir of the principle debtor? Whether we have to make the legal heir party to file the suit?

Follow Query

Report Abuse

Arvind Singh Chauhan (Expert) 24 September 2011
You should prosecute to surety and before prosecuting them they should be served with notice. legal heir should be included as party.

prabhakar singh (Expert) 24 September 2011
Although liability of a surety is coextensive with principal debtor as joint and several,the suit should be filed not only against the sureties but also against LRS of principals,and if principal debtor has left some estate/property,an application for attachment before judgement should also be moved.