Personal guarantee

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Querist : Anonymous (Querist)
05 January 2019

I have given personal guarantee for a loan Taken by my cousin.For this loan he has given a few of his properties as collateral and I also have given a property as collateral.My question is am I free to deal with my other properties which are not secured to the bank?If yes then till when can I deal with those properties?Can I gift or sell those properties if the account becomes NPA also without attracting the provisions of fraudulent conveyance?

Sudhir Kumar (Expert)
05 January 2019

You stand aware that it is your duty to pay the loan in case of loan getting NPA.

Vijay Raj Mahajan (Expert)
05 January 2019

You are free to transfer any of your properties which free from any security and in you possession anytime you want.

Dr J C Vashista (Expert)
05 January 2019

Other than the property involved in loan, there is no encumbrance and can be dealt.
An anonymous author should not expect valuable advise and obligation of experts as per rule of this platform, disclose your identity.

SHIRISH PAWAR, 7738990900 (Expert)
05 January 2019

You can transfer your other properties which are not mortgaged with bank.

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