Withdrawal of name from second guarantor

Querist : Anonymous (Querist) 15 November 2010 This query is : Resolved
Dear Sir / Madam, I had signed as a second guarantor in personal loan taken by my cousin brother from Modheshwari Co. Op. Housing society and now he is not paying any installment and legal notice is frequently received from Society to me to pay installment the loan is outstanding or say older about over three years please tell me a valid legal advice to come out from this matter. Please let me know whole legal procedure to withdraw my name as a second guarantor from this loan.

Follow Query

Report Abuse

R.Ramachandran (Expert) 15 November 2010
Having stood as a guarantor you cannot now withdraw conveniently. If that happens then there would be no meaning at all for a 'gurantor'. (I am not commenting upon anything about the limitation angle at all since nothing is known.). In any case, when you say that it is your cousin brother why can't you advice him to pay the amount?

adv. rajeev ( rajoo ) (Expert) 15 November 2010
if principal borrower is a defaulter then bank will go the gurantor to recover the loan

bhagwat patil (Expert) 15 November 2010
Bank"s consent is required.

aman kumar (Expert) 15 November 2010
you cant free as guaranteeing now this stage
but if you pay the money you can claim to main debaters

Devajyoti Barman (Expert) 15 November 2010
Ask the Society to take step against the borrower first and help it to recover from the borrower as well. The law is that the creditor until exhausts all the steps against the borrower it can not ask the guarantor to make the payment.

s.subramanian (Expert) 15 November 2010
I disagree. The contract of guarantee creates a liability which is joint and several along with the principal borrower. Both are liable jointly. The guarantor cannot evade his liability asking the lender to proceed against the principal borrower first. The option or discretion is vested in the lender.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries