Gurantee

Querist : Anonymous (Querist) 12 October 2010 This query is : Resolved
Mr. Y is giving the Gurantee to the banker for his elder brother Mr.X but Mr.Y is not sure that weather Mr. X is able to pay the installment properly but due to family pressure Mr.X is bound to give the Gurantee.
So weather there is any type of agreement through which Mr.Y can put the pressure on Mr.X for the proper payment.
And If so is available then please give me a copy of that Agreement.

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aman kumar (Expert) 12 October 2010
if guaranter pays the money he can recover suit for his payments, there is no needs for agreement

Raj Kumar Makkad (Expert) 12 October 2010
You take a promissory note from your brother along-with an agreement stating clearly terms and conditions therein vide which your brother shall have to pay installments of loan in time failing which you shall have the right to file a civil suit for recovery against him. It shall be better, if you insert excess amount in the pronote.

Devajyoti Barman (Expert) 12 October 2010
Yes I agree.

pawan sharma (Expert) 12 October 2010
agree.

Kirti Kar Tripathi (Expert) 12 October 2010
I aman is right, there is no need of any other agreement or document. he can recover the same from the borrower, in case, he pays the dues of borrower

R.Santha Moorthy (Expert) 12 October 2010
agree with Mr. Aman kumar. For the sake of convenience or to make the X bound to compensate Y, a Letter of Indemnity may be obtained from him by incorporating necessary wordings creating a charge or attachment over his movable or immovable properties.