Collectal ECGC not made partty-discharge of surety

R.K.MURARKA (Querist) 16 August 2009 This query is : Resolved
I want to know that loan was guaranted by ECGC Policy whihc was taken as a colletral security for granting the loan as per Sanction letter.If the Bank does not make ECGCas a party than he had violated the sanction letter. Please let us know whether the guarantors had been discharged from the security when theECGC was not made party. Please give the latest citation of supreme Court .

Follow Query

Report Abuse

Y V Vishweshwar Rao (Expert) 16 August 2009
The Guarantor is not discharged -
to claim any Guarantee under the Credit Guarantee Policy , the terms stipulated in the Policy have to be complied . it is for the Creditor and said ECGC! . Your Guarnatee Agreement will be with a clause i.e;- not withstandign any other guanratee and other security , you have guaranteed the repayment of the due amoun .

Pleasse Check up the Guarantee Deed terms !

Previous

Next

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

Click here to login now