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Seizure notice to guarantor

(Querist) 09 January 2012 This query is : Resolved 
my friend is a guarantor against vehicle loan , now person who has taken loan has absconded

bank served notice on loan taker along with guarantor.

pls advice what is legal provision in this regard and what action to be taken against notice to seizure of guarantor property.
ajay sethi (Expert) 09 January 2012
liability of principal debor is coextensive with that of gurantor . since principal debtor has absconded the bank will proceed against guarntor for recovery of the amount of laon
prabhakar singh (Expert) 09 January 2012
Yes! Rightly spoken,the liability is joint and several.
Nadeem Qureshi (Expert) 09 January 2012
Dear Vinayak
your friend had executed any guarantee Deed/Documents or not? if yes then he is liable to pay the Loan amount & bank have right to file a Civil Suit for recovery against your friend.
feel free to call
Nadeem Qureshi (Expert) 09 January 2012
if the bank issue siezure notice under section 13 of SARFAESI ACt then the bank have all rights for attached the property & sell the property without interfare of the Court.
feel free to call
prabhakar singh (Expert) 09 January 2012
It is going on with Expert Nadeem?
Devajyoti Barman (Expert) 09 January 2012
What is going on , Mr Singh?
Shailesh Kr. Shah (Expert) 10 January 2012
Is bank issue seizure notice for vehicle?
DEFENSE ADVOCATE.-firmaction@g (Expert) 10 January 2012
Guarnteer has vicarious liability but unless you means surity have given his property as collatral only civil action possible.
Advocate. Arunagiri (Expert) 10 January 2012
If the principal borrower is absconding, the guarantor alone is responsible for the loan.
V R SHROFF (Expert) 10 January 2012
Agreed, the principal borrower is absconding, the guarantor is liable to Pay total loan with interest.
Deepak Nair (Expert) 10 January 2012
The guarantor is equally liable as the principal debtor.
Since the principal debtor is absconding, it is the duty of guarantor to pay back the loan.
Devajyoti Barman (Expert) 10 January 2012
In this circumstances the guarantor is liable to pay off the debt.
RAJU O.F., (Expert) 11 January 2012
Bank can seize and sell the vehicle on defaults of the vehicle loan to set off the dues. If you have executed documents as guarantor, your personal properties or vehicles cannot be seized or attached by the bank, without getting Orders of a competent Court, on filing of a suit.
Raj Kumar Makkad (Expert) 13 January 2012
I do agree with the advice of all experts as all have expressed common views.


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