Civil

rohit (Querist) 09 February 2012 This query is : Resolved
one of my freind took the personal load from co-op bank now he is wanted out of state bank force me to pay due which my freind had to pay to bank.bank file the case in court,then after court has appoint a arbitrator to solve the dispute,arbitrator sent a notice to attent the meeting but due to fear i was not attend the meeting,now bank force to pay that due,what i have to do for non-payment,i am grantor of the personal loan.

Follow Query

Report Abuse

ajay sethi (Expert) 09 February 2012
guarantor of loan is liable for repayment . liability of principal debtor is coextensive with that of guarantor .

M/s. Y-not legal services (Expert) 09 February 2012
yes., am also agree with ajay sir.,

guarantor is liable to repay the amound which purchased by the debtor., you have two chances.,

1] face the case before law[you can get some time for arranging money]

2] go for settlement.,

otherwise your property [if any]may attached..

-tom-

Adv.R.P.Chugh (Expert) 09 February 2012
Concurring with what learned collegues have said above - consult a lawyer - on extreme examination of facts - we may find something that may take your liability off - for eg : any variation in the original agreement between your friend and bank or the slightest lapse on part of bank in handling securities that it holds on behalf of your friend, might help you.

Devajyoti Barman (Expert) 09 February 2012
Ask the borrower to pay the loan.
If the bank runs after you , you can not escape from your liability to repay the loan first though later you can recover it from your friend.